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Windstream issues restructuring update; hopes to exit bankruptcy in August

13 May 2020

Financially stricken US fixed line operator Windstream has confirmed that its settlement agreement with real estate investment trust Uniti was approved on 8 May. The agreement calls for Uniti to invest USD1.75 billion in the network, enabling Windstream to deliver 1Gbps speeds to more than half of its Kinetic broadband footprint. Uniti also will pay Windstream about USD490 million and purchase certain unused and underutilised dark fibre assets from Windstream for an additional USD285 million. The plan aims to reduce the company’s debt by more than USD4 billion.

Meanwhile, Tony Thomas, president and CEO of Windstream, noted that the telco hopes to exit Chapter 11 bankruptcy in late August subject to regulatory approvals. The target date was revealed during Windstream’s first quarter earnings call earlier this week. Windstream voluntarily filed for Chapter 11 reorganisation in the US Bankruptcy Court for the Southern District of New York back in February 2019.

The telco is continuing to operate as normal during the financial restructuring process and grew its Kinetic broadband customer base for the eighth consecutive quarter, adding a record 18,000 new subscribers in the 1Q20.

United States, Uniti Group, Windstream Holdings (incl. Kinetic)

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