Subject: [NEXTEL-1] Cingular, NextWave Get Closer To Goals

From: [email-masked]
Date: Fri, 22 Aug 2003 16:56:22 -0400

Cingular, NextWave Get Closer To Goals
BY MARK ROCKWELL
AUGUST 22, 2003

A New York bankruptcy court judge verbally approved the wireless licenses deal
between NextWave Telecom Inc. and Cingular Wireless yesterday, bringing both
companies a little closer to their goals of either adding more spectrum, in
Cingular's case, or financial solvency, in NextWave's.

Bankruptcy Judge Adlai Hardin said he had no objection to the order that would
allow NextWave to enter a deal with Cingular for the spectrum, said sources who
attended the hearing yesterday. Judge Hardin hasn't formally signed off on the
deal yet, however. That approval could come in a few days, said the source. The
deal would net Cingular licenses to provide service to about 83 million customers
in 34 markets nationwide, and would bring NextWave about $1.4 billion in cash as
its tries to re-emerge from bankruptcy proceedings.

When the deal was announced earlier this month, Cingular chief operating officer
Mark Feidler said although his company already provides services in most of those
markets, the additional spectrum would bolster those holdings. NextWave needs more
cash to keep itself in operating status while installing a national data-capable
network.
Because NextWave's bankruptcy filing is in the Southern District of New York in
White Plains, the court must approve any sales of its assets. The companies also
must file their plans with the FCC for its approval.

Even with the judge's approval, the sale of the licenses to Cingular isn't set in
stone. Competing bids can be filed at the bankruptcy court for the spectrum up
until Sept. 15, followed by a Sept. 23 auction if necessary. Verizon Wireless, for
example, is exploring a possible bid.
http://www.wirelessweek.com/index.asp?layout=newsat2direct&starting=2&pubdate=08/22/03

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