Windstream Chapter 11 Plan Withstands Bondholder Appeal

The Second Circuit Court of Appeals in New York upheld the chapter 11 restructuring of Windstream Holdings Inc., finding bondholder complaints about the debt-cutting plan moot because reversing it would mean unwinding transactions that have already taken place. The court backed Windstream's 2020 restructuring, which put Elliott Management Corp. and other senior creditors in control of the business while wiping out junior bondholders owed roughly $2.4 billion.