NYT -- Court Says NextWave Can Seek Vote From Creditors .....................................
January 24, 2005
Court Says NextWave Can Seek Vote From Creditors
By BLOOMBERG NEWS
NextWave Telecom Inc., an owner of wireless airwaves in New
York, Washington and other cities, has won court approval
to have creditors vote on its plan to exit bankruptcy
proceedings by paying shareholders as much as $3.2 billion.
Typically, about two-thirds of a debtor's creditors must
vote in favor of a plan before it can be considered by the
court. All creditor votes are due by Feb. 22. Provided the
company obtains enough votes, Judge Adlai S. Hardin of
United States Bankruptcy Court will consider confirmation
of the plan on March 1.
NextWave, based in Greenwich, Conn., filed for
bankruptcy-law protection in 1998.
"We're pleased that the judge has given us the green light
to move to the next stage," a NextWave spokesman, Michael
Wack, said.
Under the terms of the plan, NextWave shareholders will
receive as much as $8.16 a share, equal to as much as $3.2
billion, compared with $7.35 a share when the company
originally filed the plan in December.
Copyright 2005 The New York Times Company. |
