Windstream has entered into an amendment to its previously announced Plan Support Agreement (the “Amended PSA”) expanding the scope of participants who may participate in the “priority” tranche of the rights offering by becoming parties to the Amended PSA and supporting the company´s restructuring, the company said.
Since the announcement of the Amended PSA, Windstream has already substantially increased the support for its chapter 11 plan of reorganization. At this time, dozens of additional creditors have committed to the Amended PSA, representing approximately USD 320 million of claims toward the USD 430 million cap. First lien creditors holding over 82% of Windstream´s first lien claims now support its plan of reorganization.
Windstream intends to file its chapter 11 plan of reorganization, with its proposed new capital structure, with the court for approval as soon as possible with a target of by the end of March. The company expects to emerge from bankruptcy mid-year, subject to timing of court and regulatory approvals.
Windstream voluntarily filed for Chapter 11 reorganization in the US Bankruptcy Court for the Southern District of New York on Feb. 25, 2019. Windstream is continuing to operate in the normal course during the financial restructuring process.
Windstream is a provider of advanced network communications and technology solutions. Windstream provides data networking, core transport, security, unified communications and managed services to mid-market, enterprise and wholesale customers across the US. Additional information is available at windstream.com or windstreamenterprise.com.