WIN - Windstream's Bankruptcy: An Amateur Recovery Calculation
Just one week after losing its debt default case, Windstream (WIN) filed for Chapter 11 bankruptcy on Monday. The move was seen by many as inevitable; however, some have been shocked by the expediency of the filing. While future court filings will shine more light on Windstream’s situation, the purpose of this article is to calculate a preliminary estimate for investors' recoveries.
As of the end of trading on Monday, Windstream’s unsecured bonds traded between 15 and 20 cents on the dollar. These prices were like where Bon-Ton Stores' unsecured bonds traded even