UNIT) commented today on the order entered by the U.S. Bankruptcy Court for the Southern District of New York approving the Chapter 11 plan of reorganization of Windstream Holdings, Inc. and its subsidiaries (collectively, “Windstream”). The effectiveness of the plan remains subject to certain conditions precedent, including the consummation of the settlement between Uniti and Windstream and the parties obtaining certain regulatory approvals. ">LITTLE ROCK, Ark., June 26, 2020 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti”) (UNIT) commented today on the order entered by the U.S. Bankruptcy Court for the Southern District of New York approving the Chapter 11 plan of reorganization of Windstream Holdings, Inc. and its subsidiaries (collectively, “Windstream”). The effectiveness of the plan remains subject to certain conditions precedent, including the consummation of the settlement between Uniti and Windstream and the parties obtaining certain regulatory approvals.
Kenny Gunderman, President and Chief Executive Officer of Uniti, commented, “We are pleased that the Court has approved Windstream’s plan of reorganization. We expect Windstream will emerge from bankruptcy later this year with a significantly improved financial position, resulting in a stronger and healthier tenant. Our settlement agreement with Windstream adds significant strategic value for Uniti as it further expands and enhances the value of our national network, strengthens Windstream’s competitive position, and provides Uniti a clear path forward.”
Mr. Gunderman continued, “As it relates to COVID-19, the effects of the pandemic on all of our businesses remain minimal, and we continue to focus on driving high margin, low churn, recurring revenue. Optimization of our highly valuable portfolio of assets has provided ample liquidity, and as we previously communicated, we do not currently expect there is a need to raise additional capital this year.”
ABOUT UNITI
www.uniti.com.">Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry. As of March 31, 2020, Uniti owns 6.3 million fiber strand miles and other communications real estate throughout the United States. Additional information about Uniti can be found on its website at www.uniti.com.