Leap Wireless emerges from Chapter 11 bankruptcy

Tue Aug 17, 2004

NEW YORK, Aug 17 (Reuters) - Leap Wireless International Inc. (LWINQ.OB: Quote, Profile, Research) , a wireless telephone company, on Tuesday said it has emerged from bankruptcy protection after reducing long-term debt by more than $2 billion.

The San Diego-based company last October said the U.S. Bankruptcy Court for the Southern District of California confirmed a reorganization plan that would leave it with more than $100 million of cash, and allow it to reduce long-term debt by more than 80 percent to roughly $426 million.

Leap said it expects to apply for a new listing on Nasdaq, after satisfying listing criteria, under the ticker symbol "LEAP." Leap, its Cricket Communications Inc. operating unit, and substantially all of their subsidiaries filed for Chapter 11 protection on April 13, 2003.

 

 

 

 

 

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