MCLEAN, Va.—LCC International Inc., a provider of wireless voice and data turn-key technical consulting services, said it sold all of its approximately 1.6 million class B common shares of NextWave Telecom Inc. and its current debt claims against NextWave, excluding the claims of Koll Telecommunications L.L.C. and any post petition contract rejection claims, for $21.4 million.
In addition, LCC said it is entitled to receive an additional $2.3 million in the event NextWave affirms its obligation to prepetition interest of LCC’s debt claims. LCC originally made the NextWave investment in 1996, prior to NextWave’s bankruptcy filling two years later.
LCC continues to hold warrants on 123,356 shares of NextWave Class B common stock at a price of $3 per share. Proceeds from the sale are expected to yield approximately 62 cents per share that will be reflected as one-time gains in its third-quarter results, according to LCC.
