Nextwave decides on reorganization plan
Wed Oct 20, 2004 06:23 PM ET
yahoo.reuters.com
NEW YORK, Oct 20 (Reuters) - Bankrupt wireless company NextWave Telecommunications Inc.(NXLC.PK: Quote, Profile, Research) said on Wednesday it had made a decision about how it wants to reorganize the company and asked the court for more time to file its plan.
NextWave said in a recent court document that it had been preparing alternative plans as it was approached about "several potential transactions" and had talks on "multiple fronts."
A source close to the situation has said these included talks with Verizon Wireless (VZ.N: Quote, Profile, Research) (VOD.L: Quote, Profile, Research) for the sale of about 20 wireless airwaves licenses for about $3 billion.
The companies declined an official comment.
NextWave, which was due to file its reorganization plan on Oct. 22, asked for an extension of that deadline until Nov. 3 in a document it filed late on Tuesday at a federal bankruptcy court in White Plains New York.
Hawthorne, New York-based NextWave filed for bankruptcy in 1998 after it could not pay the $4.7 billion it bid for 95 airwaves licenses it won in a 1996 U.S. auction.
The Federal Communications Commission tried to repossess the licenses and sell them in a second auction, in which Verizon was the main bidder. But the licenses were returned to NextWave after a 2003 court ruling.
After selling some licenses and giving some back to the government NextWave still owns about 26 licenses.
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They need more time. Like they hadn't spent enough time already. |
