Windstream Holdings, Inc., a provider of advanced network communications and technology solutions, has announced that the US Bankruptcy Court for the Southern District of New York (the “Court”) has confirmed the Company´s Plan of Reorganization (the “Plan”), the company said.
The Company expects to complete its financial restructuring process and emerge from Chapter 11 bankruptcy protection as a privately held company in late August.
Upon emergence, the Company will reduce its debt by more than USD 4 billion or approximately two-thirds and have access to approximately USD 2 billion in new capital to expand 1 Gig Internet service in rural America and maintain its product and software leadership in SD-WAN and UCaaS for enterprise customers. This deleveraging and new financing will allow Windstream to re-focus its allocation of resources on growing the business and better positioning the Company for the long term.
Kirkland & Ellis LLP is serving as legal counsel, PJT Partners LP is serving as financial adviser and Alvarez & Marsal is serving as restructuring adviser to Windstream.
Windstream Holdings 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 The company also offers broadband, entertainment and security services for consumers and small and medium-sized businesses primarily in rural areas in 18 states. Additional information is available at windstream.com or windstreamenterprise.com.