Subject: [NEXTEL-1] North America NextWave Wins Court Approval Of Bid Rules For Auction

From: [email-masked]
Date: Thu, 28 Aug 2003 19:49:02 -0400

North America   NextWave Wins Court Approval Of Bid Rules For Auction

NextWave Telecom won court approval of bidding procedures and buyer protections,
including a USD 21 million breakup fee, for its proposed sale of certain
wireless-spectrum licenses to Cingular Wireless. Judge Adlai S Hardin of the US
Bankruptcy Court signed an order approving procedures that open the door for
parties to submit competing bids for the 34 spectrum licenses that stalking horse
bidder Cingular has agreed to buy for USD 1.4 billion. According to the order,
competing bids for the licenses are due on September 15. The bids must meet or
exceed USD 1.46 billion, and be accompanied by a 1.5 percent earnest money deposit
and proof of a financing commitment or other evidence of the bidder's ability to
close the sale.
Reported by Dow Jones Newswires.

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