Windstream said on Wednesday it was filing for Chapter 11 bankruptcy protection and would be liquidating its assets, including a portfolio of more than $1 billion worth of assets.CEO John Pappas said in a statement that the windstream business was “no longer associated with Windstream in any way whatsoever.”
Pappas was speaking at the annual shareholder meeting of the investment firm, which invests in energy and utilities companies.
He declined to provide any further details.
Pappases previous comments have not been immediately clear.
Pappasing’s remarks come as Windstream prepares to sell its business, which includes the nation’s largest provider of internet service to residential customers, to a group of investors led by billionaire investor Carl Icahn. “
We have to find the right way to go,” he said.
Pappasing’s remarks come as Windstream prepares to sell its business, which includes the nation’s largest provider of internet service to residential customers, to a group of investors led by billionaire investor Carl Icahn.
Citing a recent analysis by Bloomberg News, Icahn has estimated that Windstock would net $3.5 billion in revenue from the sale of the company, about a third of its current value.
Icahn, who has been publicly critical of Windstream, also said he was planning to buy the entire company.
Icawas holdings in the company have been questioned by investors.
Icavs company, Icawis energy holdings have also come under scrutiny, including the company’s decision to close an offshore wind project in the Gulf of Mexico that was expected to bring wind energy to the region.
Windstream was acquired in February by a group led by hedge fund billionaire George Soros, who also owns The New York Times and other media holdings.
The windstream acquisition is a deal worth about $4.2 billion, according to Bloomberg.
The announcement comes as WindStream’s chief executive, Scott Fritsch, also revealed that the Windstream brand is now part of the public company.
Pascale Journet, Windstream’s executive vice president of corporate communications, said Wednesday that the brand is “an important part of Wind Stream, a brand that represents the diverse heritage of our portfolio of business services.”
Pascales comments come after Icahn and several other investors on Thursday said they had acquired Windstream as part of an attempt to buy Windstream into a group.
Icaws buyout plan failed to materialize, but Icaw has said he plans to buy some of Windstock and its assets.