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Well, originally down below I wrote:
"Bills incurred after Windstream filed bankruptcy (“post-petition”) get paid within 30 days. They’re ahead of all “pre-petition” (pre-bankruptcy) claims."
That's the way it's supposed to work with the Citibank "debtor-in-possession" financing. Everybody (creditors, judge, etc.) agreed to set this up so the company could get on its feet during bankruptcy.
"Customers stay down for over a week due to no good spares onsite. Tough times."
It was like that before Chapter 11, as many spare cards were hundreds of miles away when something broke. But the priority here is the Zombie Executives get their 'motivational bonuses' and all is well with them!
I work in NetOps and our HVAC and generator vendors will no longer come out to the site for PM's or repairs. We cannot get materials like BNC connectors, coax or fiber jumpers because vendors will no longer do business with us. No network spares, so when an OC192 card fails it takes 3-5 business days to get a spare and half the time its an out of box failure. Customers stay down for over a week due to no good spares onsite. Tough times.
You folks care too much
Maybe we should stop making new positions so we can promote people to vp or svp.
I guess that means everyone that owes them money before bankruptcy doesn’t have to pay Windstream. Why should they get paid if they can’t pay their own bills.
If you look at the April numbers here you will see we are about $700M behind in payments net 90. (Page 14)
We lost $33M in the month of April and had to draw $200M from our line of credit. This buys us a few more months. At this rate we are all toast by December, our burn rate of cash is way too high to sustain the business.
Unfortunately this means cutting staff or selling off assets that are NOT profitable. All of this will need court approval and will take some time. They asked for an extension for a reason, they cannot pull this off in 6 months.
That's what I've heard from contractors and suppliers.
If you’re having trouble paying vendors their post-petition bills is just shabby and stupid. Windstream has a $1 billion “debtor-in-possession” line of credit to cover bills while in bankruptcy— it’s something all the creditors agreed to.
Pretty sure we're still having trouble paying some of our vendors on time and in full.
Bills incurred after Windstream filed bankruptcy (“post-petition”) get paid within 30 days. They’re ahead of all “pre-petition” (pre-bankruptcy) claims.
Vendor bills incurred before bankruptcy are probably not going to get paid in full, if at all
There are bond holders and banks that are “secured” - they have Windstream’s pledged assets as collateral (like the bank that holds the mortgage on your house). They’ll likely get paid much or all of what they’re owed eventually (Windstream will make payments on a payment plan over the years).
Vendors and some other lenders and bond holders don’t have any collateral - they may get paid back something over time.
Bills go to court for approval