FiberTower's amended Chapter 11 bankruptcy plan effective on March 31

By Kali Hays

New York, March 31 - FiberTower Network Services Corp.'s fourth amended Chapter 11 bankruptcy plan is in effect as of March 31, according to a Monday notice filed with the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, a recent amendment to the company's confirmed plan allowed it to become effective before the Federal Communication Commission approved the transfer of three remaining non-terminated licenses to reorganized FiberTower Spectrum from FiberTower Spectrum holdings, LLC.

A bar date for administrative and professional claims is set for May 15.

Creditor treatment

Treatment of creditors under the plan will include the following:

• Holders of administrative expense claims, priority tax claims and priority non-tax claims will be paid in full in cash;

• Holders of 2016 notes claims will receive 100% of the new FiberTower common stock, and unpaid 2016 agent fees and expenses will be repaid in cash;

• Other secured claims will either be reinstated, holders will be paid in the ordinary course of business, or holders will receive the collateral securing the claims; and

• Holders of 2012 note claims, general unsecured claims, intercompany claims and equity interests will receive no distribution.

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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