http://www.kccllc.net/windstream/document/1922312191231000000000004
7 replies (most recent on top)
"Concerning the 4 more months. There is another 500m in DIP financing available. But yeah that is a terrible burn rate."
All that does is buy more time and AGAIN kick the can down the road. $500M in May gets us to October with operating cash then it's back to ZERO!
Concerning the 4 more months. There is another 500m in DIP financing available. But yeah that is a terrible burn rate.
” I guess I don't use common sense as to why we are RETAINING the very people that failed
the company.”
This was not a merit-based decision.
The creditors do not necessarily love the current team. They’re taking the approach that they don’t want a lot of disruption from lots of management turnover, especially at the top level. Sort of a “stabilize the patient first” approach. This is not uncommon in big, complicated bankruptcies.
They’re getting a much closer look at the executives now in the bankruptcy process than they normally would.
See the other thread today about Elliott Management.
KEIP and KERP will be reported in December operating results.
Expect an even bigger gap next month!
I guess I don't use common sense as to why we are RETAINING the very people that failed
the company.
My prediction for December:
$201M in the bank
$399M in revenue
$43M NET LOSS
$61M in goodwill
$75M paid to bankruptcy attys YTD
Nice to see the 5 Stooges were able to meet their metrics and get that nice KEIP bonus.
2020 will be a bad year for layoffs at Windstream.
November highlights:
$256M in the bank
$408M in revenue
$44M NET LOSS
$61M in goodwill
$65M paid to bankruptcy attys YTD
4 more months to go until we hit ZERO!