SpectraSite Technologies has completed the sale of 545 cellular towers to Cingular and also officially emerged from bankruptcy.
SpectraSite, one of the largest cellular tower operators in the United States, sold the towers in California and Nevada for $73.5 million. The company said in a statement that the funds would be used to repay debt.
Under the bankruptcy proceedings agreed to early on by its bondholders and approved by the US Bankruptcy Court for the Eastern District of North Carolina on Jan. 28, SpectraSite has a new name (SpectraSite Inc.) and a new stock symbol (SPCSV).
In exchange for writing off more than $1 billion in debt, SpectraSite’s old note holders receive some 23.5 million shares of new stock.