Subject: [NEXTEL-1] Verizon Wireless to buy NextWave Spectrum License

From: [email-masked]
Date: Thu, 08 Jul 2004 17:35:30 -0400

Verizon Wireless to buy NextWave Spectrum License

BEDMINSTER, N.J. (Dow Jones)--Verizon Wireless said it won NextWave
Telecom Inc's spectrum license for the New York metropolitan area in a
bankruptcy auction Thursday. The $930M deal expected to close by year
end.
The 10 MHz license covers about 20.1M people in New York, Westchester
and Rockland counties, as well as northern and central New Jersey.

Nextwave is reorganizing under Chapter 11. Last month, the company said
the auction of licenses in New York and other markets would provide cash
to exit bankruptcy protection.

The transaction is subject to approval by the Federal Bankruptcy Court
and the Federal Communications Commission, as well as antitrust
regulatory review.

Bedminster, N.J.-based Verizon Wireless is a joint venture of Verizon
Communications (VZ) and Vodafone Group PLC. (VOD).  Also at the auction,
Dallas-based MetroPCS placed winning bids totaling $43.5M for licenses
in two markets in Florida.  of the total auction proceeds, about $398M
will be paid to the FCC pursuant to an agreement the agency and NextWave
entered into in April. That agreement resolved all claims and potential
claims between the FCC and NextWave.
NextWave Chairman and Chief Executive Allen Salmasi said in the press
release that "adding nearly $575M of net proceeds to the company's
balance sheet will greatly strengthen our financial position and will
give us ample funds to pay our remaining creditors and complete the
Chapter 11 reorganization process."

He added: "We are now on a path to emerge from bankruptcy with no debt,
an attractive spectrum footprint, and significant cash reserves."
NextWave withdrew from the auction process its license rights in Denver,
Portland, Ore, and Tulsa, Okla. Those licenses will remain in the
company's portfolio.

http://www.hoovers.com/free/news/detail.xhtml?ArticleID=NR20040708460_ee24000d633462aa

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From: [email-masked]
Date: Thu, 08 Jul 2004 17:45:11 -0400

Metro Brought Tampa-St.Petersburg-Clearwater and Sarasota-Bradenton
Keep your eye on these guys.........

 
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