iPCS emerges from Chapter 11

By Jeff Pines

Washington, July 20 - Sprint affiliate iPCS, Inc. said it emerged from bankruptcy Tuesday. The company owns and operates Sprint's nationwide PCS network in 38 markets in four midwestern states.

Its reorganization plan was confirmed by the U.S. Bankruptcy Court for the Northern District of Georgia on July 8.

The reorganization plan calls for iPCS' secured lenders to be repaid in full and for the holders of its $300 million of 14% senior discount notes due 2010 and other unsecured non-convenience claims to get the company's common stock.

In addition, the plan also calls for iPCS Escrow Co. to merge into iPCS and for iPCS to get the proceeds of the recent sale of $165 million of 11½% senior notes due 2012.

iPCS is headquartered in Schaumburg, Ill. It filed for bankruptcy in February 2003.

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