Subject: [NEXTEL-1] NextWave Gets Approval For Airwaves Deal

From: [email-masked]
Date: Fri, 27 Jun 2003 12:32:15 -0400

NextWave Telecom received approval from a bankruptcy court for its strategic
partnership agreement with venture capital firm Clarity Partners to explore
purchases of up to USD 150 million in wireless spectrum. NextWave, which has been
under bankruptcy protection since 1998 and recently won a long court battle to
keep its wireless licenses, now is seeking to extend its exclusive periods to file
a reorganization plan and solicit support for the plan through September 30. Under
the agreement the private equity firm will work with NextWave to explore purchases
of airwaves and provide financing under the company's reorganization plan. The
committee of the company's unsecured creditors and FCC agreed to the court's order
after changes were made to terms of the agreement following their objections. The
strategic partnership agreement provides that Clarity Partners and NextWave will
work together to develop an acquisition plan by July 31.

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