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US wireless operators seek cash settlement for NextWave
Posted: 26-Jul-2001 [Source: FT]

[Wireless operators offer to pay US$5bn to NextWave with the FCC to subtract the payment from the fees the companies owe for the licenses.]

by Peter Spiegel, Washington -- "Five of the largest wireless telephone operators in the US on Wednesday urged the federal government to offer a cash settlement of up to $5bn to NextWave Telecom in hopes of convincing the start-up to return coveted airwave licences it holds but is not using.

"NextWave bought the licences for $4.7bn in a 1996 auction conducted by the Federal Communications Commission, but later filed for bankruptcy when they were unable to meet the payment schedule set up by the FCC.

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