Windstream Plan Support Agreement

Windstream initially went bankrupt a year ago, after a ruling by U.S. District Judge Jesse Furman in New York found that he had breached the loan contracts after splitting the previous Communications Sales and Leasing (CS-L) in April 2015. CS-L was the previous name of Uniti, a real estate investment trust that was relocated from Windstream and manages its fibre optic network. Windstream Holdings, Inc. announced on June 25 that the U.S. Federal Banking Court for the Southern District of New York has confirmed the company`s turnaround plan. According to Windstream, if the process goes as planned, it will be released from Chapter 11 as a private company at the end of August of this year. The exit plan will allow Windstream to reduce its debt by more than $4 billion, or about two-thirds, and provide access to approximately $2 billion in new capital to expand The 1 Gig Internet service in rural America and continue to operate the business. A New York court on Thursday (June 25th) signed Windstream Holdings Inc.`s Chapter 11 insolvency plan. The move is expected to allow Little Rock-based Windstream to exit bankruptcy in late August as a private company, the company said. LITTLE ROCK, Ark.— (BUSINESS WIRE)– Windstream announced today that it has amended its previously announced Assistance Agreement Plan (the “Modified PSA”), which expands the scope of participants who may participate in the “priority” portion of the rights offer by becoming parties to the amended PSA transaction and supporting the overall financial restructuring of the company.

The two companies also agreed on the principle of resolving Windstream`s insolvency disputes last year in Chapter 11. The settlement agreement in principle was supported by lenders holding more than 72% of Windstream`s outstanding debt securities and more than one-third of each of their two bondholders, creditors and unsecured creditors, including related companies of Elliott Management and other members of Windstream`s first “ad hoc” group of creditors. Elliott Management is Windstream`s largest creditor. As part of Uniti`s resolution agreement, Uniti has agreed to invest up to $1.75 billion by 2030 in network investments for Windstream. Uniti also agreed to pay Windstream approximately $490 million and acquire some unused and underutilized windstream fibre assets for an additional $285 million, which currently generates approximately $29 million in annual OIBDAR. The U.S. Bankruptcy Court for the Southern District of New York confirmed Windstream`s turnaround plan, it is the result of a complaint filed last year and as a result of negotiations with suppliers, including Uniti Corp. LITTLE ROCK, Ark., June 26, 2020 (GLOBE NEWSWIRE) — Uniti Group Inc. (“Uniti”) (Nasdaq: UNIT) today commented on the decision of the U.S.

Bankrupt Court for the South District of New York that approved the chapter`s reorganization plan 11 by Windstream Holdings. , Inc. and their subsidiaries (a “Windstream” group). The effectiveness of the plan remains subject to certain conditions, including the implementation of the comparison between Uniti and Windstream and the parties that obtain certain administrative approvals. Windstream applied for Chapter 11 protection on February 25, 2019 and entered into an agreement in early March to support the plan with its first pawn rights (see “Windstream Holdings files bankruptcy for Chapter 11, promises to continue operating” and “Windstream secures a financial restructuring agreement with creditors”).