https://www.google.com/amp/mobile.reuters.com/article/amp/idUSASB0BQRR
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Aurelius Says Windstream’s Debt Exchange Would Violate Bond Indentures
Urges indenture trustee not to authenticate new notes proposed in debt swap
By Soma Biswas
Nov. 2, 2017 1:19 p.m. ET
Aurelius Capital Management LP on Wednesday circulated another letter to Windstream Services LLC’s bondholders, arguing that the company’s proposed debt exchange violates a contract in certain bonds.
You guys/Gals that are still there, know you're screwed, right?
11/3/2017 - Moody's downgrades Windstream.... Windstream's weak revenues and EBITDA continue to weigh on its ratings, with year over year declines in the 4% to 5% range. Moody's expects Windstream to face continued top line pressure but that expense savings initiatives may partially offset the EBITDA pressure. In August, the company announced that it would eliminate its common dividend and implement a $90 million share repurchase program that expires in early 2019. Moody's does not expect Windstream to generate sufficient cash to fund its share repurchase and reduce debt and, absent a change in EBITDA trajectory, the company's ratings will continue to face downward pressure. A slow death?
Yes, multiple reports of unusual delays in vendor payments. They appear to be holding payments, past due, until the vendor makes enough noise.
I don't know if this is normal but Windstream is not paying very many of their SSP contractors unless they call and complain enough then they may pay them some but they're about six to nine months behind on some contractors
Thanks for clearing that up
There’s lots of action going on to restructure existing debt - refinancing, basically. Some due to a lawsuit by a bond holder, some normal. WIN regularly gets new loans (by selling bonds) to pay off existing loans (bonds) when they come due. It kicks the can down the road a bit and keeps the lights on. The worry is, as company performance falls, the people lending the money (by buying bonds) want more interest $$ to offset the risk that they won’t get paid back at all. So WIN’s recurring interest expense gets bigger and more burdensome.
I'm financially illiterate, so I have no idea what that means.