JACKSON, Miss.-Wireless One Inc. said it will amend its proposed plan of reorganization and disclosure statement in accordance with a term sheet negotiated with MCI WorldCom Inc. and become a wholly owned subsidiary of MCI WorldCom.
The amended plan will provide that the holders of Wireless One’s two series of unsecured senior notes, other than MCI WorldCom holders, will be paid principal and accrued interest or the full accreted value of their senior notes, as the case may be, through the effective date of the amended plan.
Based on the current number of shares outstanding and vested in-the-money options, the company estimates that the per-share cash payment under the amended plan will be approximately $1.31.
