NextWave Chmn.-CEO Allen Salmasi said Mon. that company had ‘fidu...
NextWave Chmn.-CEO Allen Salmasi said Mon. that company had “fiduciary responsibility” to explore settlement talks over its licenses. Winners in Jan. C-block re-auction, NextWave and FCC have held talks over PCS licenses of NextWave that FCC had cancelled for…
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missed payment. U.S. Appeals Court, D.C., in summer reversed FCC’s license cancellation decision, throwing into disarray results of $16.9 billion re-auction held earlier this year. “Several weeks ago, NextWave was invited to participate in discussions with other wireless carriers and the FCC to explore ways to achieve a consensual resolution of litigation concerning the company’s PCS licenses,” Salmasi said. “Although the issues are complex, and the outcome uncertain, we have a fiduciary responsibility to explore opportunities that could lead to a successful resolution of these issues.” U.S. Bankruptcy Court, White Plains, N.Y., Mon. granted carrier’s motion to delay its disclosure statement hearing until Oct. 22, when NextWave said it planned to ask okay of disclosure statement for solicitation of approvals of its pending reorganization plan. NextWave said neither delay in its disclosure statement hearing nor discussions with other carriers and FCC would affect “preparations to proceed with its reorganization.” NextWave said bankruptcy court at White Plains hearing approved carrier’s retention of UBS Warburg as its financial adviser. Warburg also is providing $2.5 billion credit facility, which court also approved. Salmasi said NextWave was continuing to build its wireless network in 95 areas where it now holds PCS licenses.