Leucadia National Corp. paid $330 million to acquire 44% of equit...

total purchase price in form of irrevocable letters of credit into escrow pending receipt of requisite regulatory approval from FCC. WilTel said it expected to receive FCC approval of transaction by end of year. It said it appointed 4 members of newly formed WilTel board, including Leucadia Chmn. Ian Cumming and Pres. Joseph Steinberg. It also agreed to some restrictions on its ability to acquire or sell WilTel stock. Leucadia said it acquired WilTel stock under old Williams Ch. 11 restructuring plan pursuant to claims purchase agreement with Williams Companies and investment agreement with Old WCG. Williams Communications said Leucadia invested $150 million in company and purchased claims of Williams Companies for $180 million. WilTel said its plan of reorganization, which became effective Oct. 15, was completed under special temporary authority granted by FCC. “The company emerges with a new $375 million credit facility and no other substantial debt obligations other than those related to its headquarters building,” Williams Communications said. It said under its reorganization plan, existing shares of WCG stock had been cancelled. Company had also issued 50 million WilTel shares for distribution: 54% to unsecured creditors, 44% to Leucadia and 2% for potential recovery by holders of securities-related claims through channeling injunction approved by bankruptcy court. Williams Communications also said Howard Janzen resigned as pres., CEO and dir., that left vacant seat on board.