In the end, NextWave was able to resell the spectrum to Verizon, Cingular (now ATT) and Metro PCS. It was able to pay off all its debts, its lawyers and still have some money left.
NextWave challenged the FCC and took its case all the way to the U.S. Supreme Court.
The outstanding debt held by NextWave's bondholders will be satisfied through cash and a transfer of selected NextWave assets.
ENGADGET: AT&T agrees to acquire NextWave for $600 million, gobbles up WCS and AWS spectrum
NextWave holds licenses in the Wireless Communication Services (WCS) and Advanced Wireless Service (AWS) bands.
ENGADGET: AT&T agrees to acquire NextWave for $600 million, gobbles up WCS and AWS spectrum
Even so, under the astute leadership of Allen Salmasi who is still its Chairman, NextWave made another round of bad investments and blew away its second chance as well to the extent that it filed for bankruptcy a second time.
NextWave debt holders have agreed to the terms of the deal, as have a majority of shareholders.
NextWave was never able to raise the cash for the rest of the payments for its bids.
NextWave's debtholders have agreed to the terms, and a majority of its shareholders have agreed to support the transaction.
ENGADGET: AT&T agrees to acquire NextWave for $600 million, gobbles up WCS and AWS spectrum
The company said the debt will be satisfied through a combination of cash and selected NextWave assets.
Additionally, NextWave's transfer of assets may be subject to Hart-Scott-Rodino review by the Federal Trade Commission and Department of Justice.
ENGADGET: AT&T agrees to acquire NextWave for $600 million, gobbles up WCS and AWS spectrum
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