Unite reported earnings. Here's a summary:
https://talkbusiness.net/2019/05/uniti-sees-a-penny-profit-in-1q-awaits-news-on-windstream-bankruptcy/
Kenny Gunderman held an interview with Wall Street analysts. Here's a transcript (free registration may be required to read it):
https://seekingalpha.com/article/4262310-uniti-group-inc-unit-ceo-kenny-gunderman-q1-2019-results-earnings-call-transcript
Quote:
"We were also delighted to see that Windstream received court approval and was able to finalize its $1 billion in debtor-in-possession financing, Windstream continues to remain current on its monthly lease payments which have been paid in full and on time through May, we continue to be open to pursuing mutually beneficial outcomes with Windstream that could potentially be credit enhancing to Windstream and its stakeholders and value accretive to Uniti."
That's a fancy way of saying Uniti expects to make some sort of concession on the master lease.
Uniti's lease is technically ironclad in the event of bankruptcy law. Windstream has to take it or leave it as currently written. Obviously they're not going to reject it. Yet ... the creditors are owed billions and have millions of dollars to spend on top legal talent to find a legal chink in Uniti's armor. If successful, that would push Uniti over the edge. Uniti is also financially on the brink due to excessive debt and doubts about it's biggest customer.
Uniti is going to want to make all doubts about the lease go away and for Windstream to get out of bankruptcy OK. Hence the "mutually beneficial outcomes" language.
Two possibilities:
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Uniti issues Uniti stock for Windstream to give to Windstream creditors (one of the debtors tipped their hand on this idea in a court filing)
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Uniti cuts Windstream's rent in exchange for Windstream giving up exclusive rights to the fiber cables it uses. Uniti can now lease unused fiber to others.