Confirmed Reorganization plan charts right course forward

Windstream has received confirmation from the court for its Plan of Reorganization, which was filed with the court April 1. The company expects to emerge from restructuring a privately held company in late August.

Upon emergence, the company will reduce its debt by more than $4 billion or approximately two-thirds and have access to approximately $2 billion in new capital to expand 1 Gig Internet service in rural America and maintain its product and software leadership in SD-WAN and UCaaS for enterprise customers. This deleveraging and new financing will allow Windstream to re-focus its allocation of resources on growing the business and better positioning the company for the long term.

Windstream voluntarily filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of New York on Feb. 25, 2019. Windstream is continuing to operate in the normal course during the financial restructuring process.

“We were able to reach this important milestone thanks to the support of our financial stakeholders, as well as our customers, vendors and business partners. The Court’s confirmation of our Plan puts us on a definitive path to emerge from restructuring with a stronger balance sheet and healthy liquidity position to continue making network and software investments for the benefit of our customers. I want to thank the entire Windstream team for remaining focused on our customers and for tirelessly providing essential communications services during the reorganization process.

We look forward to beginning this new chapter for Windstream. 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. Together, we will emerge from this process as a stronger company able to successfully compete in the communications marketplace.”

Tony Thomas
PRESIDENT AND CHIEF EXECUTIVE OFFICER

We are serving our customers as usual and maintaining our relationships with vendors and business partners.