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Wednesday January 7, 4:22 pm Eastern Time
Company Press Release
Winstar Receives Court Approval of Its Acquisition of MIDCOM Communications
NEW YORK--(BUSINESS WIRE)--Jan. 7, 1998--WINSTAR COMMUNICATIONS, INC. (NASDAQ-WCII) today announced that the U.S. Bankruptcy Court for the Eastern District of Michigan has approved the sale of substantially all assets of MIDCOM Communications Inc. to WinStar.
WinStar announced on December 17, 1997 that it had signed a conditional agreement to purchase the assets of Southfield, Mich.-based MIDCOM, a national long distance and frame relay provider that is in bankruptcy proceedings, for $92 million. No changes were made to the terms of the transaction.
It is anticipated that the acquisition will close on or about January 20, 1998.
WinStar Communications, Inc. is a national local communications company, serving business customers, long distance carriers, fiber-based competitive access providers, mobile communications companies, local telephone companies, and other customers with broadband local communications needs. The company provides its Wireless Fiber(SM) services using its licenses in the 38 GHz spectrum. The company also provides long distance, Internet and information services. |
