F.C.C. accord said to be near on debts of wireless companies
Article Abstract:
The FCC is nearing a settlement that would resolve refinancing the debts of troubled wireless carriers, according to FCC officials. Chmn Reed E. Hundt probably will approve a plan backed by the FCC's other three members, Susan Ness, Rachelle B. Chong and James H. Quello, according to officials close to Hundt. The plan's several proposals would allow the companies to return some or all of their licenses in exchange for the retirement of their debts. Hundt has advocated issuing a credit to complying companies, which then could apply the credit toward bidding for subsequent licenses. The new plan would contain a proposal crafted by Rep. W.J. Tauzin (R-La) and Rep. Edward J. Markey (D-Mass). Terms of the proposal would allow the FCC to lower the licenses' value and permit the companies to repurchase the licenses at the new and lower prices.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1997
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Airtouch to get cellular units from US West in stock deal
Article Abstract:
Airtouch Communications is planning to acquire US West Media Group's domestic cellular properties for $2.2 billion in assumed debt and $2.8 billion in stock. The acquisition will place Airtouch second only to AT&T in the US wireless carrier industry with a total of 5.3 million domestic cellular subscribers as well as 2 million foreign customers. US West will now have more time to focus its attention on cable television. Once the announcement was made, Airtouch's stock rose 4% to 24.50 on the New York Stock Exchange. US West Media's stock rose 2.4% to $17.625 and its parent company, US West, closed at $32.25, an increase of 25 cents. Analysts believe US West Media will now spend its time working on a Time Warner partnership and upgrading the cable systems that it acquired from Continental.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1997
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