CARY, N.C.-SpectraSite Holdings Inc. filed Chapter 11-bankruptcy protection today in accordance with the plan it released Nov. 6.
In doing so, SpectraSite amended agreements with carrier Cingular Wireless L.L.C. and one of its parents, SBC. The amendments provide that upon emergence from Chapter 11, SpectraSite will transfer its interest in 545 SBC towers to Cingular, reduce its future sublease commitment with SBC by 294 towers and extend the closings for remaining SBC towers through the third quarter of 2004.
SpectraSite said it expects to emerge from bankruptcy in 90 days and maintains that its operating arm, SpectraSite Communications will not be affected.
