Winstar outlined plans to speed its exit from Chapter 11 protecti...
Winstar outlined plans to speed its exit from Chapter 11 protection, including trimming its workforce by 950 employees through layoffs and sale of “non-core” assets. Winstar also has retained Blackstone Group as merger & acquisition advisor to help with…
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potential sale of company or future investment stakes in it. If Winstar were able to win stake from investor or sell itself, company said it could emerge more quickly from bankruptcy proceedings. “By obtaining $175 million of financing from a consortium of banks led by Citibank and Bank of New York, cutting our costs and growing our core on-net business, we are in a position to be cash flow positive this year,” said Chmn. William Rouhana. Financially strapped fixed wireless provider also plans to focus new sales efforts on small and medium-sized customers in 17 major markets, its 200 major national accounts and govt. contracts company has in 11 markets. Winstar holds parts of billions of dollars in metropolitan area acquisition (MAA) contracts administered by General Services Administration to provide local telecom service to federal agencies. Winstar filed for Chapter 11 protection in April, when it shed 2,000 jobs, or 43% of its employees.