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Technology Stocks : Nextwave Telecom Inc.
WAVE 8.220+10.8%Nov 10 3:59 PM EST
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To: Jim Mullens who wrote (895)4/20/2004 5:06:57 PM
From: Jon Koplik  Read Replies (1) of 1088
 
Reuters -- NextWave to Return Many Wireless Airwaves.

Tue April 20, 2004 04:33 PM ET

NextWave to Return Many Wireless Airwaves -Source

LAS VEGAS (Reuters) - Bankrupt wireless carrier NextWave Telecom Inc. plans to give back to the U.S. government most of the valuable wireless licenses it holds and they will likely be reauctioned, a source familiar with the matter said on Tuesday.

The company, which has been in bankruptcy since 1998 and has battled to keep the airwaves, has agreed to return about 72 percent of the licenses it holds to the Federal Communications Commission, which is expected to auction them to other wireless carriers, the source said, requesting anonymity.

NextWave would still retain about 10 percent of the licenses, mostly in the northeastern United States, under the agreement. The rest of the licenses NextWave held were recently sold to Cingular Wireless, a joint venture of BellSouth Corp. and SBC Communications Inc..

The FCC previously tried to repossess NextWave's licenses after the company failed to pay for them on time, but the U.S. Supreme Court last year determined that the government had wrongly taken the licenses back.

© Copyright Reuters 2004. All rights reserved.
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