Windstream is requesting to augment DIP financing agreement to forgo 21million of payments due each month beginning on July 1st and extended through October 1st. The company has run through 1 billion dollars of cash in 16 months amazing. MASS LAYOFFS or DOOR CLOSING is here.
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MAJOR announcements coming as they wrap up the loose ends on the restructuring. The consultants recommend breaking up the company. We have seen a portion traded off to unity.
The second quarter earnings report is scheduled for early August. I would expect layoffs mid July.
Those KEIP and KEEP bonuses are really paying off! I'm sure CITI is happy about this one!
Then say hello to the shiny new debt free unity!!! Wonder how nice TTs office is there!!
The execs bled this pig dry quickly!!! Quite the cash grab. Banks will get a team in there to sell the ILEC portion, shut down that TDM network and layoff a majority of the employees then sell the small sd-wan/voip provider that remains.
Yep, this gets the DIP lender more money. They are first in line so everyone else will get less.
Great deal for the DIP lender.
Citibank, the DIP lender gets paid before any pre-petition creditors – including the senior secured creditors, the only creditors that will get anything (new bonds and stock) after bankruptcy.
The DIP lender will get all their money – this just means they also earn more interest on the loan.
This will come at the expense of the senior secured creditors.
The DIP financier is going along with the changes this seems like it will get fast track approved. No management changes is amazing however nothing about Windstream is normal or amazing anymore. Big cuts will be coming one way or another.
If they fail to make payments under the current agreement then CITI will own the company and kick anyone out they deem not necessary(executives and board)
I can believe we burned through that much cash. Take a look at the previous posts about monthly statements. We are going through $100 million + per month right now.
The 2nd quarter has 2 weeks to go and it's not looking good!
“Windstream is a leading SD-Wan and adding thousands of consumer subs monthly. Windstream is kicking tail” = Windstream Executives
“Windstream will have run through more than a billion dollars of cash in less than 17 months. Windstream is losing.” = Reality
I cant find that document...link please
This is good news believe it or not. If TT and the gang put off paying back the DIP plan and pissing off Citi group which owns the dip. Well that means TT and the gang are about to be shown the door after the gavel lands in bankruptcy court. As Citi group will own a large stake in the New windstream that comes out the otherside.
Don't bite the hand that feeds... Or your you case TT and the clowns please do, and piss on it as well.
Oh geez, don’t worry about that, TT and friends have so much of the debtors money now, they can cover the rent for a while without the augment!! Sure would be nice to get it though. It’s amazing how many different ways these guys can come up with to profit from other peoples losses. They don’t seem exceptionally greedy at all!!
Not Surprising Seeing How Upper Management are Helping Themselves