Broadband Wireless Access [WCII, NXLK, WCOM, satellite..] Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..]

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: transmission who wrote (1825)	9/11/2001 7:46:49 PM
From: transmission	Read Replies (1) of 1860

Williams, Winstar reach settlement to amend pact PHILADELPHIA (Reuters) - Telecommunications services company Williams Communications Group Inc. said Tuesday it reached a settlement with bankrupt wireless company WinStar Communications Inc. that amended a 25-year pact to swap capacity on each others' networks. Williams said Winstar had delivered only 200 of the 270 antenna sites it had agreed to construct. Under the settlement, Williams will be allowed to use additional capacity on the existing hubs, and will cancel payments for hubs that were not delivered. The settlement also shortened the pact to a 20-year term ending in July 2021, and two companies withdrew claims against each other for services and payments, according to Williams' filing with the Securities and Exchange Commission. Williams operates a nationwide fiber-optic network to provide data to telecom carriers and other service providers. WinStar, meanwhile, transmits voice and data services using radio waves, rather than traditional copper or fiber-optic communications networks. The original deal, forged in 1998, called for WinStar to own a piece of Williams' national network, while Williams was to use WinStar's local wireless network to connect long-distance traffic directly to residences and businesses. Winstar filed for Chapter 11 bankruptcy protection on April 18, blaming Lucent Technologies Inc. for violating a vendor financing agreement and forcing the filing. Under the settlement, Williams agreed to provide services to Winstar for up to 18 months while Winstar is under bankruptcy protection. Payment for on-network services will be deferred, and off-network services must be paid for in cash on a monthly basis. Winstar, meanwhile, released any claim over two fibers in Williams' high speed network which it had a right to use, and two fibers that it had an option to purchase a right to use. Williams previously said the Winstar's bankruptcy filing could cut its 2001 network revenues by about $90 million. 18:10 09-11-01

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next