Windstream Holdings Inc., also known as Windstream Communications, has filed for Chapter 11 bankruptcy after losing a default case.
The announcement comes shortly after a court sided with claims by Aurelius Capital Management that the rural telecom company defaulted on its debt.
The company, which has an office on N. Main Street in Downtown Greenville, said on its website that it is “committed to operating its business as usual” after securing $1 billion from Citi to support their operations.
Tony Thomas, president and chief executive officer of Windstream, released a statement Monday regarding the bankruptcy announcement.
In part it read:
“Taking this proactive step will ensure that Windstream has access to the capital and resources we need to continue building on Windstream’s strong operational momentum while we engage in constructive discussions with our creditors regarding the terms of a consensual plan of reorganization. We acted decisively to secure the long-term financial stability of Windstream, and we are confident that, upon completion of the reorganization process, we will be even better positioned to invest in our business, expand our speed and capabilities for our customers and compete for the long term.”