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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..] -- Ignore unavailable to you. Want to Upgrade?

To: transmission who wrote (1775)	5/14/2001 12:43:20 PM
From: transmission	Read Replies (3) \| Respond to of 1860

Winstar Receives Court Approval for $300 Million DIP Financing NEW YORK--(BUSINESS WIRE)--May 14, 2001--Winstar Communications, Inc. today announced that the U.S. Bankruptcy Court for the District of Delaware has issued a final order approving the terms of its debtor-in-possession ("DIP") bank facility, which has an initial availability of up to $75 million, and which may be increased to as much as $300 million upon the satisfaction of certain conditions. The DIP facility will be used to fund the ongoing business operations of Winstar, which filed a voluntary Chapter 11 petition on April 18, 2001. William J. Rouhana, Jr., chairman and chief executive officer of Winstar, said, "We are pleased that we have received court approval for this financing, which will contribute to our ability to operate in the normal course of business during the Chapter 11 case. As we continue to move ahead, we will stay focused on providing enhanced broadband services to our customers, and on maximizing the untapped potential of our already existing, domestic built-out broadband network." Statements in this release contain forward-looking information about management expectations, strategic objectives, business prospects, anticipated financial or operational performance, and other similar matters. These statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties. A variety of factors, many of which are beyond Winstar's control, could cause actual results and experience to differ materially from the expectations expressed in these statements. These factors include, but are not limited to, volatility in the financial and capital markets and the impact on access to and the terms of additional capital, actions and initiatives by current and potential competitors, events or circumstances impacting major customers, suppliers or financing sources, the effect of current and future legislation or regulation, the ability of the company to design and construct its broadband network and to sell and provision services, and additional factors described in the reports filed by Winstar with the Securities and Exchange Commission (SEC), including Winstar's Annual Report on Form 10-K for the year ended December 31, 1999, which is available on the SEC's Web site, at www.sec.gov. Winstar undertakes no responsibility to update or revise any statements in this release, whether as a result of new information, future events or otherwise.