The U.S. Bankruptcy Court for the Southern District of New York approved NextWave Telecom Inc.’s partnership plan with venture capital firm Clarity Partners in an attempt to acquire additional spectrum for NextWave’s plans to launch a nationwide data network.
The $150 million partnership, which the Federal Communications Commission objected to citing insufficient information from NextWave on how the venture would effect its reorganization plans, is reported to include plans to fund an acquisition company to acquire the additional spectrum.
“The ability to take advantage of appropriate opportunities will foster reorganization by allowing NextWave to diversify its spectrum holdings and take advantage of new technologies to deploy the most cost-effective wireless broadband wireless infrastructure,” NextWave said in a statement.
