People's Choice Will Seek $25M Loan.
Multichannel News, March, 1999 by FARRELL, MIKE
Wireless-communications operator People's Choice TV Corp. (PCTV) has withdrawn a bond restructuring because its largest bondholder stated that it would not accept the terms of the offering. Instead, PCTV -- which decided to abandon the wireless-video business last year in favor of providing high-speed Internet access via the MMDS (multichannel multipoint distribution system) spectrum -- will seek out a bank loan for the $25 million that it said it needs to develop its business.
The restructuring would have exchanged $85 million in new 13.125 percent senior discount notes due 2003, $42.5 million in cash and 4.9 million shares of common stock for $332 million in 13.125 percent senior discount notes due 2004. In addition, the company planned to...
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