Agreement Reached on Pocket Communications Reorganization.WASHINGTON--(BUSINESS WIRE)--March 23, 1998--The principal lenders of Pocket Communications Inc. and DCR DCR Department of Conservation and Recreation DCR Decrease DCR Digital Cable Ready (television) DCR Dark Crisis (Yu-Gi-Oh! cards) DCR Debt Coverage Ratio DCR Dacryocystorhinostomy PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. Inc. (the "debtors") announced Friday (3/20) that they have reached agreement with the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. (the "FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. ") and Department of Justice staffs on terms of a bankruptcy reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. for the debtors. Ericsson Inc., Siemens Telecom Networks, Pacific Eagle Investments Ltd., Masa Telecom Inc. and Masa Telecom Asia Investment Pte. Ltd. (the "lenders") will propose the plan, which will resolve all issues in the debtors' Chapter 11 cases. The FCC and the lenders collectively hold approximately $1.5 billion in claims, approximately 98 percent of all claims in the cases. Under the plan, a new company ("NEWGSM Co."), with support from the lenders, will acquire the Debtors' C Block licenses in the Chicago and Dallas markets. The Debtors' other C block licenses will be cancelled. The lenders expect to file the plan with the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. in Baltimore on or about April 1, 1998. "This agreement is the result of a tremendous cooperative effort by all parties. It will meet the goals of providing GSM PCS service to the public as quickly as possible while providing maximum financial recovery for the U.S. government," said James Harris, financial advisor to the lenders. As part of the process, the FCC may issue a public notice. While other parties are permitted to submit proposals, the lenders have not committed to support any other proposals. NEWGSM Co. will comply with the FCC rules governing C block licenses. The lenders are currently soliciting proposals from qualified candidates to invest in, control and operate NEWGSM Co. and intend to select one or more investors within the next two months. For more information on the plan and NEWGSM Co., contact James W. Harris of Seneca Financial Group, Telephone: (203) 622-8188, financial advisor to the lenders, or Kenneth Irvin, Esq. of Morrison & Foerster LLP LLP - Lower Layer Protocol , Telephone: (202) 887-8728. CONTACT: Ericsson Kathy Egan/Per Bengtsson 212/685-4030 or Siemens Robert Bartolotta, 561/955-3140 or Thomas Phillips, 561/955-3670 |
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