WASHINGTON-All the principles in the negotiations for bankrupt NextWave Telecom’s personal communications services (PCS) C- and F-block licenses signed off on a concept agreement that would allow NextWave to walk away with US$5 billion, the government to be paid US$11 billion and the buyers, like Verizon Wireless, to wait until next year to pay.
Negotiators apparently reached the deal late on 15 October, but government officials are still reviewing it before an official announcement can be made. The parties had a reason to conclude the negotiations this week. On 19 October, the government was set to ask the U.S. Supreme Court to review a federal appeals court decision that gave the licenses back to NextWave. On 22 October, NextWave is due back in bankruptcy court. A signed deal, if totally completed, could be presented for approval at that point.
