FiberTower seeks third exclusivity extension to finalize plan terms

By Caroline Salls

Pittsburgh, Aug. 8 - FiberTower Network Services Corp. requested a third extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Wednesday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

The company asked the court to extend its exclusive filing period to Oct. 28 from Aug. 12 and the solicitation period to Dec. 26 from Oct. 11.

Since entry of the second extension order, FiberTower said it focused its attention toward additional opportunities to maximize creditor recoveries through asset sales and winding down its wireless backhaul business.

In addition, the company said it is in negotiations with its 2016 noteholders on the terms of a proposed plan.

According to the motion, the terms of a proposed plan are in the final stages, and a plan could be filed within the next 30 days.

The company said it believes it could successfully reorganize around its Federal Communications Commission licenses, including existing licenses and those for which the termination is currently subject to appeal.

FiberTower, a San Francisco-based backhaul and access services provider focused primarily on the wireless carrier market, filed for bankruptcy July 17, 2012. Its Chapter 11 case number is 12-44027.

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