Windstream Seeks FCC Approval of Restructuring

Windstream has asked the Federal Communications Commission to approve the transfer of its licenses to a restructured company so it can get out of bankruptcy. The approval will require a limited FCC rule waiver for the two-step restructuring Windstream has set up. The FCC has put that restructuring plan out for comment on whether it should grant the waiver and transfers, with comments due July 9 and replies July 16. The company filed for bankruptcy last February. It has set up the restructuring in two phases. The first phase is so the FCC can sign off on the licenses and it can get out of bankruptcy. Phase one will keep foreign ownership of the company below 25% and no individual foreign investor will have more than a 10% interest. In step two, the FCC would need to approve a higher level of foreign ownership.