LAKE CHARLES, La.-Sprint PCS affiliate IWO Holdings Inc. said it has filed a “pre-packaged” Chapter 11 plan to implement its previously announced financial reorganization to restructure and substantially reduce its debt, strengthen its balance sheet and increase its liquidity. The plan was filed today in the U.S. Bankruptcy Court for the District of Delaware.
IWO, which is a subsidiary of fellow affiliate US Unwired Inc. and provides service under the Sprint PCS brand name in upstate New York, Vermont, and portions of New Hampshire, Massachusetts and Pennsylvania, said it expects to continue normal operations throughout the restructuring process and to emerge from bankruptcy protection by the end of February.
