Management just filed a motion to extend the time necessary to review the Uniti lease (and other leases) by another 9 months.
http://www.kccllc.net/windstream/document/1922312190527000000000002
Interesting quote:
“In bringing this motion, the Debtors do not assert or concede that the Master Lease is a true lease or is subject to the restrictions set forth in Section 365(d)(4) of the Bankruptcy Code. In particular, the Debtors continue to evaluate whether the Master Lease is a “lease” of nonresidential “real property” under Section 365(d)(4) of the Bankruptcy Code. The Debtors reserve all rights with respect to the ultimate characterization of the Master Lease.”
I’m not sure they’ll get far with this line of legal reasoning if it gets tested in court but they’ll likely get the extension.
Just the prospect of another 9+ months of questions about the Uniti-Windstream’s lease will be like Chinese water torture for Uniti management: drip, drip, drip. This Windstream bankruptcy is a very dark cloud over Uniti’s own stock price and credit rating.
This will get enthusiastic backing from the creditors, who also want a pound of Uniti flesh.
I think this is another ploy to get concessions.
We’ll see what happens.