Windstream announced today that it officially exited bankruptcy, effective today. The financial restructuring was first announced in February 2019. A U.S. bankruptcy court approved the Windstream restructuring in June 2020.
The financial restructuring reduced Windstream’s debt by more than $4 billion, or approximately two-thirds, and the company now has access to approximately $2 billion in new capital.
“Today marks the start of a new era for Windstream as an even stronger, more competitive company,” said Tony Thomas, president and chief executive officer in the Windstream restructuring press release. “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.”
Windstream’s relationship with Uniti Group will continue, but with different terms. Windstream spun off a number of network assets that were placed into a real estate investment trust (REIT), now known as Uniti. That move helped trigger the bankruptcy proceeding, as it triggered some covenants with Windstream debt holders.
“We are also pleased to continue our strategic partnership with Uniti Group and expand our mutually beneficial relationship,” commented Thomas.
Windstream also announced a new company logo, in which they appear to adopt the branding of the company’s Kinetic brand for the entire company.
According to today’s Windstream restructuring press release, the company will now have three distinct business units, described by Windstream as the following:
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 & entertainment options, home network security, optimal Wi-Fi 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.