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On February 25, 2019, Windstream filed for Chapter 11 bankruptcy in response to a February 15th judgment against the company for $310 million. [19] [20] In September 2020, emerging from bankruptcy as a privately held company, Windstream successfully completed its financial restructuring process and reduced its debt by over $4 billion. [21]
Pre-packaged insolvency (a "pre-pack") is a kind of bankruptcy procedure, where a restructuring plan is agreed upon in advance of a company declaring its insolvency. In the United States pre-packs are often used in a Chapter 11 filing.
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This is what Windstream did: Instead of using the company's net profit of $53.7 million for its free cash flow computation, it used its operating income of $247.7 million.
Windstream (NAS: WIN) carries $128.4 million of goodwill and other intangibles on its balance sheet. Sometimes goodwill, especially when it's excessive, can foreshadow problems down the road.
Restructuring or Reframing is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs.
Windstream is doing its darnedest to gather assets that can help it adapt to a new era of cloud technology, and with a low stock price, this company could be a hidden gem waiting to shine.