Windstream postpones 4Q, yearly financial report as court ruling fogs future

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Windstream Holdings Inc. on Monday put off its fourth-quarter and yearly earnings report scheduled for Thursday as the Little Rock-based Fortune 500 company evaluates its options following an adverse federal court ruling over the weekend that could push the rural broadband provider toward insolvency.

Late Friday evening, U.S. District Judge Jesse Furman for the Southern District of New York ruled Windstream violated bond agreements after splitting off the former Communications Sales & Leasing (CS&L) into the state’s first publicly-held real estate investment trust now known as Uniti Corp. nearly four years ago.

The decision arose from challenges by Aurelius Capital Management and U.S. Bank National Association that the spinoff was invalid under the terms of a debt exchange offer and consent solicitations in respect to senior notes issued by its Windstream Services LLC to its so-called “sale and lease back” deal to spinoff CS&L. The court in its ruling awarded Aurelius and the other winning parties a $310 million judgment.

Read more: https://talkbusiness.net/2019/02/windstream-postpones-4q-yearly-financial-report-as-court-ruling-fogs-future/

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