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Windstream crashes after filing for bankruptcy (WIN)

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Pat Goss:


Windstream on Monday filed for bankruptcy reorganization under Chapter 11.
The decision came after Windstream lost a court battle with Aurelius Capital Management over whether it defaulted on its bonds in 2015 by spinning off Uniti Group.
Windstream said it choose to take this proactive reorganization step to ensure its operational momentum.
The company said it has received a commitment from Citigroup for $1 billion of financing to get it through bankruptcy.

Windstream, a provider of broadband and other data network communications, plunged 43% to $0.49 a share Monday after the company filed bankruptcy reorganization under Chapter 11.

The decision came after Windstream lost a court battle with Aurelius Capital Management over whether it defaulted on its bonds in 2015 by spinning off Uniti Group. The company chose to use the court-supervised process to address debt maturities that have been accelerated as a result of the recent decision by Judge Jesse Furman in the Southern District of New York against Windstream, according to a statement.

Windstream said it has received a commitment from Citigroup for $1 billion of financing to get it through bankruptcy.


majestic:

Windstream is the worst ISP ever known to exist. They deserve to disappear.


McKdaddy:


--- Quote from: majestic on February 26, 2019, 05:42:29 pm ---Windstream is the worst ISP ever known to exist. They deserve to disappear.


--- End quote ---

Agreed.

Pat Goss:

they get 175-200 million a year in government subsidies. I finally got decent internet 2 summers ago.

Pat Goss:

It's a cluster   management securing their golden parachutes, etc

WIN reports a $549 million loss in Q4  They had already sold off and began leasing back their corporate assets

Thread regarding Windstream Corp. layoffs
https://www.thelayoff.com/t/VTPFz1B

Topics regarding layoffs at Windstream Corp.
https://www.thelayoff.com/windstream




Pat Goss:

Rep. Doug Collins (R-Ga.) released the following statement after the telecommunications provider filed for bankruptcy:

    ďFor years, Windstream has taken advantage of customers and taxpayers by promising speeds they know they canít meet and failing to provide consistent broadband service while collecting taxpayer dollars and receiving substantial federal tax breaks. Despite it's bankruptcy status, the burden of Windstream's financial problems cannot fall on the shoulders of taxpayers who depend on their services to access the Internet. Windstream must continue to meet its obligations under the Connect America Fund to provide broadband service to rural communities like northeast Georgia.

    Since I first took office, I have received hundreds upon hundreds of complaints from Ninth District residents regarding virtually every aspect of Windstreamís service in Northeast Georgia. Businesses have been unable to operate efficiently because of unreliable service. Students in rural areas fail to gain access to high-speed internet they need to complete their school work at home. Despite repeated efforts to prompt Windstream to address these issues, they continue to fall short.

    I continue to believe increased competition spurs improvement, which is why Iíve introduced the Connect America Fund Accountability Act to hold providers accountable. I remain committed to holding carriers like Windstream accountable, and working to expand broadband access in Northeast Georgia and beyond.Ē

Pat Goss:

Judge grants temporary restraining order for Windstream in lawsuit against Charter

On Monday, a bankruptcy judge granted Windstream Holdings a temporary restraining order against Charter Communications' advertising campaign that targeted its subscribers.

The judge ruled from the bench yesterday with a written order to follow, according to a Windstream spokesman. On April 5, Windstream filed a federal lawsuit against Charter
that said Charter was engaging in a "scare-tactic campaign" to entice Windstream subscribers to switch to Charter.

Charter declined to comment on the judge granting the temporary restraining order.

Little Rock, Arkansas-based Windstream, which filed for Chapter 11 bankruptcy protection in February, filed the lawsuit with the U.S. Bankruptcy Court in the Southern District of
New York.

Windstream said in its filing that Charter, which filed for its own bankruptcy protection back in 2009, used envelopes that "copied the same distinct color pattern from
Windstreamís current advertising campaign" and its trademarked name to imply that Windstream would not be able to provide services to its subscribers.

ďCharter through its brand Spectrum, commenced a scare-tactic campaign to mislead, deceive, and confuse consumers regarding the reason, status, and consequences of
Windstream's Chapter 11 cases,Ē the Windstream complaint stated. ďCharter disseminated false advertisements, directly targeting Windstreamís strongest customer bases in
Alabama, Georgia, Kentucky, Ohio, Nebraska, and North Carolina. With a clear intent to deceive, Charterís advertisements were sent to Windstreamís customers in a manner
designed to make customers believe that the communication was from Windstream.Ē

Windstream filed a temporary restraining order against Charter and a preliminary injunction "to enjoin a false and misleading advertising campaign that was commenced by its
direct competitor, Charter, to deceive Windstreamís customers into believing that Windstream is liquidating and will no longer be providing them services."


https://www.fiercetelecom.com/telecom/judge-grants-temporary-restraining-order-for-windstream-lawsuit-against-charter

word on FB around Arkansas is you can't get WS to show up and install new services. People say they have a date and time and when it comes and goes they talk to WS and are told they've been rescheduled.

99toLife:

Windstream is dead dead dead.....

rzrbackramsfan:


--- Quote from: Pat Goss on February 26, 2019, 12:11:52 pm ---Windstream on Monday filed for bankruptcy reorganization under Chapter 11.
The decision came after Windstream lost a court battle with Aurelius Capital Management over whether it defaulted on its bonds in 2015 by spinning off Uniti Group.
Windstream said it choose to take this proactive reorganization step to ensure its operational momentum.
The company said it has received a commitment from Citigroup for $1 billion of financing to get it through bankruptcy.

Windstream, a provider of broadband and other data network communications, plunged 43% to $0.49 a share Monday after the company filed bankruptcy reorganization under Chapter 11.

The decision came after Windstream lost a court battle with Aurelius Capital Management over whether it defaulted on its bonds in 2015 by spinning off Uniti Group. The company chose to use the court-supervised process to address debt maturities that have been accelerated as a result of the recent decision by Judge Jesse Furman in the Southern District of New York against Windstream, according to a statement.

Windstream said it has received a commitment from Citigroup for $1 billion of financing to get it through bankruptcy.

--- End quote ---

Actually in these special situations you can find some value. Could be in Windstream after the restructuring, could be the spinoff, could also be in some disregarded securities like the warrants.

pseudorabies:

I built my house 12 years ago.  Before I started building I made the mistake of not double checking with Cox to make sure they would build out to me.  I noticed that Cox was down the Hwy about a 1/4 mile from my property and I idiotically figured I could get service.  Once I started building and setting up utilities, I got a call back from Cox telling me I was just outside their residential build out distance meaning the only way I could get service was to buy a commercial account from them.  So, I decided to go with Windstream since they offered 5mb of down.

From the very instance of hookup thru the next 11 years I was in what they called a "latency outage" where I would be lucky if I was getting half my promised speed.  For those who don't know, a latency outage means they are shamelessly oversold in the area.  They purposely mislead you on the service knowing they can't meet half of their obligation for speed.  If you paid for 5 mb of service, you might get 2.5 but most of the time it was under 1.  Through 11 years of this back and forth bitching and complaining I got to know the Windstream guy really well but there wasn't anything he could do about it. 

Finally a year ago I blew up and told them they would find their crap out at the end of my road where they pick up my trash and that I happened to put all their crap out on trash day.  My next phone call was to Cox where I let them rape me for the next 3 years until I can get a residential account.  However, what I'm paying for 100mb of down, phone and cable is almost the same as what I was paying for Dish and Windstream combined.

widespreadsooie:


--- Quote from: rzrbackramsfan on August 17, 2019, 10:47:19 pm ---Actually in these special situations you can find some value. Could be in Windstream after the restructuring, could be the spinoff, could also be in some disregarded securities like the warrants.

--- End quote ---

I bought some shares after the bankruptcy just in case. Donít expect any luck but hey you never know

ricepig:


--- Quote from: widespreadsooie on September 02, 2019, 01:13:38 pm ---I bought some shares after the bankruptcy just in case. Donít expect any luck but hey you never know

--- End quote ---

I sold out before the bankruptcy, booked my loss to use against a profit taken on another stock. Itís not a policy I like to use, lol.

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