Windstream's Bankruptcy: An Amateur Recovery Calculation

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About: Windstream Holdings, Inc. (WINMQ)
by: Jeremy LaKosh
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Summary

Windstream filed for Chapter 11 bankruptcy after its debt default lawsuit was lost.

Windstream received $1 billion in debtor-in-possession (DIP) financing, whose recovery is in front of all other bondholders.

Based on the DIP financing and balance sheet, I believe unsecured bond holders will take a sizeable haircut.

Just one week after losing its debt default case, Windstream (WIN) filed for Chapter 11 bankruptcy on Monday. The move was seen by many as inevitable; however, some have been shocked by the