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FCC objects to NextWave reorganization plan
Posted: 01-Sep-2001 [Source: Reuters via Yahoo]

[FCC argues plan lacks valuable information and also takes procedural step of returning disputed licenses to Next Wave placing them on active status.]

by Jeremy Pelofsky, Washington -- "The Federal Communications Commission on Friday objected to NextWave Telecom Inc.'s proposal to emerge from bankruptcy protection, arguing the plan lacked information about how the company will operate and how it will pay the government for valuable wireless licenses.

"The plan lacked "reliable and adequate information" about NextWave's financing, business plan, anticipated cash flow, use of funds, market analysis, and liquidation plan, the government said in its brief to the U.S. Bankruptcy Court for the Southern District of New York.

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