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