Subject: [NEXTEL-1] MCI Gets OK For $144M Sale Of Wireless Assets To Nextel

From: [email-masked]
Date: Tue, 22 Jul 2003 19:15:55 -0400

MCI Gets OK For $144M Sale Of Wireless
Assets To Nextel
Tuesday July 22, 5:04 pm ET
By Nick Baker, Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--
MCI got bankruptcy-court
approval on Tuesday to sell some
wireless-communications assets to a
Nextel Communications Inc.
 (NasdaqNM:NXTL - News) unit
 for $144 million.
MCI, formerly known as WorldCom
Inc., in June selected Nextel's $144
million bid for some of its network
equipment, licenses and leases for
towers used to provide wireless
broadband-telecommunications
services.

U.S. Bankruptcy Judge Arthur J.
Gonzalez blessed the arrangement
at a Tuesday hearing in Manhattan,
saying MCI followed procedures in
picking Nextel's offer over a $65
million bid made by a BellSouth
Corp. (NYSE:BLS - News) unit in
May.

The Federal Communications

Commission must still bless the Nextel deal for it to be consummated.

Separately, Judge Gonzalez agreed to a June settlement under which MCI will
purchase $31 million in telecommunications and other equipment it had previously
leased from Key Corporate Capital Inc.

Also, the judge agreed to an amended lease for more than 104,000 square feet of
space at 32 Avenue of the Americas in New York City, where MCI houses telecom
equipment that serves downtown Manhattan. Under the amended lease, the monthly
rent is reduced by 26% - to $241,722 from $325,056.

http://biz.yahoo.com/djus/030722/1704001456_1.html

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