Leap Wireless gets approval for bidding procedures for Columbus, Ga. market spectrum

By Jeff Pines

Washington, Feb. 5 - Leap Wireless International, Inc. said the U.S. Bankruptcy Court for the Southern District of California approved bidding procedures for its auction of 15MHz of spectrum in the Columbus, Ga. market.

The company has a stalking horse bid of from Cingular Wireless LLC. Leap's subsidiary, Cricket will retain 15 MHz of spectrum in Columbus, which it believes will meet its needs.

Over the summer of 2002, Leap fell into default under its senior secured vendor financing facilities. In November of 2002, Moody's downgraded the company's senior unsecured debt to C because it believed the company was headed for a debt restructuring.

Leap, a San Diego wireless company, filed for Chapter 11 on April 13.

The case number is 03-3470.

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