UNIT - Windstream exits bankruptcy; Uniti settlement now effective

Windstream Holdings (WINMQ) has emerged from bankruptcy after completing its financial restructuring. In the process the company cut debt by about two-thirds (more than $4B) and has access to about $2B in new capital. Concurrently, Uniti Group (UNIT) announced its previously announced settlement with Windstream becomes effective. That resolves any and all claims and causes of action between the two. "This settlement achieves a mutually beneficial outcome for both Uniti and Windstream, while providing substantial strategic value for Uniti, including expanding its national fiber footprint and leasable capacity to third parties by approximately 90%," says Uniti CEO Kenny Gunderman. "The settlement also provides significant credit enhancements for Uniti through the new bifurcated master leases, and the financial covenants and guarantees that govern those leases.”

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Windstream exits bankruptcy; Uniti settlement now effective