Windstream Holdings' (OTCPK:WINMQ) restructuring plan has been approved in court, and the company now expects to emerge from Chapter 11 bankruptcy in August as a privately held company, with the backing of Elliott Management.
That will result in cutting debt by more than $4B (about two-thirds) - wiping out junior bondholders - and gaining access to about $2B in new investment capital.
“We look forward to beginning this new chapter for Windstream," says CEO/President Tony Thomas. "When we emerge, our lenders will become our new owners and strategic partners and are aligned with our long-term strategy and mission to deliver quality and reliable services. As a private company, Windstream will have increased flexibility to invest in our network, accelerate our transformation and return to growth."