The creditors of US wireless backhaul provider FiberTower will vote on its future following a court ruling.
FiberTower, which filed for Chapter 11 bankruptcy protection last year, is in dispute with the Federal Communications Commission (FCC) over its…
The creditors of US wireless backhaul provider FiberTower will vote on its future following a court ruling.
FiberTower, which filed for Chapter 11 bankruptcy protection last year, is in dispute with the Federal Communications Commission (FCC) over its spectrum licences.
The regulator took the licences back from FiberTower, as the company had not met its build-out requirements for the spectrum. A bankruptcy judge previously blocked the FCC from reassigning the licences until FiberTower had completed all its challenges.
Under the reorganisation plan, the backhaul provider’s senior bondholders, owed US$132m, will take ownership of FiberTower and the company can continue seeking control of the licences again. Other creditors – which are owed US$4.2m – will not receive anything, nor will shareholders.
The bondholders have until 8 January to vote on the reorganisation plan, according to a filing with the US Bankruptcy Court for the Northern District of Texas. Should they accept the plan, a confirmation hearing will be held on 15 January.
