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According to the company, NextWave filed a request in Israel to seek bankruptcy protection for its GO Networks Ltd subsidiary located in Tel Aviv.
Earlier this month, NextWave announced that it was working to divest its network infrastructure subsidiaries to conserve cash and narrow its business focus in conjunction with the $100 million in new debt financing recently committed to the Company. The initiation of a bankruptcy process for GO Networks Ltd, which does not impact NextWave's other subsidiaries, is designed to provide an orderly process for the discontinuance of operations and to advance the Company's announced divestiture and cost reduction strategy, the company said.
NextWave recently announced that it has received a $100 million debt financing commitment from Avenue Capital Management II, L.P. and SOLA. On September 26, NextWave announced that NASDAQ had granted its request for an exception to NASDAQ's shareholder approval requirements, which is necessary for the Company to issue notes and warrants associated with the $100 million in new debt financing. The Company has also received the requisite consent of the holders of its 7 percent Senior Secured Notes due 2010 for the new financing and related transactions. The Company anticipates the debt financing transaction to close on or about October 6.
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