WASHINGTON-NextWave Telecom Inc. modified the financial details of its bankruptcy reorganization plan. The company said the modifications enhance the potential cash distributions available, as well as add certain technical corrections and updates to the original filing.
NextWave also offered revenue projections for its network buildouts in New York and Las Vegas. NextWave said it expects revenues to grow steadily from $4.4 million in 2006 to $660 million in 2011. The company said it expects to score positive earnings before interest, taxes, depreciation and amortization by 2009, and to report $255 million in EBITDA by 2011. NextWave said it expects to score 136,000 customers by 2006, and to increase that number to around 3 million by 2011.
Earlier this month, NextWave filed its third joint plan of reorganization with the bankruptcy court overseeing the company’s ongoing chapter 11 bankruptcy proceedings. As part of that plan, NextWave said it would consolidate its remaining assets, which include MMDS spectrum holdings and ITFS spectrum leases, into the new NextWave Broadband Inc., and convert current NextWave Wireless Inc. into a limited liability company that will hold cash and all the stock of NextWave Broadband.
