Windstream Holdings has officially completed Chapter 11 bankruptcy proceedings under a restructuring that a U.S. bankruptcy court approved in June. Windstream said the restructuring reduced its debt by more than $4 billion and provided the company with access to $2 billion in capital. The move became possible after Windstream and The Uniti Group — the real estate investment trust spun off from Windstream — reached terms on a new master lease.
Windstream President/CEO Tony Thomas called the occasion “the start of a new era for Windstream as an even stronger, more competitive company. With the completion of our financial restructuring, we now have an enhanced balance sheet and a robust capital investment program to expand 1 Gig internet service in rural America and maintain our product and software leadership in SD-WAN and UCaaS for enterprise customers.”
The company will continue its strategic partnership with Uniti Group and expand the relationship. “With the support of our new owners and current operational momentum, Windstream will continue advancing our long-term growth objectives while providing our customers with quality and reliable services,” said Thomas.
Windstream also unveiled a new corporate logo. The company now has three business units:
- Windstream Enterprise: Windstream’s nationwide, cloud-optimized network and award-winning software solutions – such as SD-WAN, UCaaS and OfficeSuite UC® – help businesses across the U.S. manage today’s most complex IT and networking challenges through an industry-leading customer portal, WE Connect.
- Kinetic by Windstream: Consumers can experience robust high-speed internet with speeds up to 1 Gig, extensive TV and entertainment options, home network security, optimal WiFi control and reliable voice services through a fiber-based network and 5G fixed wireless service. Small and midsize businesses can choose from cloud-based collaboration and communication tools along with wireless internet backup.
- Windstream Wholesale: Windstream is leading the digital transformation in optical transmission, providing flexible and customized high-capacity bandwidth and transport services to content and media providers, cloud and data center operators, international carriers, cable operators, wireless carriers, traditional network service providers and more.