"Windstream Holdings Inc. faces an onslaught of existential threats after last week’s surprise ruling that it defaulted on its debt by spinning off Uniti Group Inc., with an array of creditors potentially demanding immediate repayment.
The rural phone company’s loss in federal court to Aurelius Capital Management and the $310 million judgment could be just the beginning, because other creditors now could be entitled to claim cross-defaults on other parts of Windstream’s debts, which total about $5.8 billion."
https://news.bloomberglaw.com/securities-law/windstreams-next-threat-is-debt-acceleration-and-cross-defaults-1
What a big fat mess management got everyone into over a technicality in bond covenant wording they could've easily avoided. All they had to do was ask bondholders at the time, in 2015, if they were good with the sales and leaseback. They likely would've been fine with it, especially since they were those same bondholders who agreed to the bond exchange in 2017 to try and avoid what's happening at this moment. So what are people supposed to do when asked to trust that same leadership who got everyone into this in the first place?