oreide Law Group is Investigating Claims of Investors Who Were Recommended Windstream Holdings, Inc. Bonds or Stock By Their Investment Advisors
Windstream Bond victims call 888-760-6552 to start the recovery process now.
Windstream Holdings, Inc. has filed for bankruptcy because a court ruled it violated its bond covenants. Windstream Bonds that were 6.375% senior notes maturing in 2023 were put into default. The CEO of Windstream, Tony Thomas, said it was a “necessary step” to file voluntarily to address the impact on consumers and businesses. It will renegotiate its debt with creditors and does not anticipate any material impact to its operations.
The reorganization plan put forth in court April 1st says it will attempt to reduce the company’s debt and try to emerge from restructuring quickly. The initial chapter 11 reorganization filing was with the southern District of New York on Feb 25, 2019 and the business operated as normal since.
This leaves a significant impact on bond and equity holders. Bond and equity holders were sold the Windstream securities by stock brokers touting high yield and safety. However, this proved not to be the case and some brokers may have overconcentrated investors in these and other risky investments. Some of the related bond CUSIP numbers for Windstream Holdings, Inc. Bonds are:
97382A101 97382A909 97382AOLD 97382A951 97382A950 97382A959 097382A10 97382A900 97381W104 097382A20 97382A309 97382A901
Windstream as of May 8th is attempting to exit bankruptcy and Judge Robert Drain has approved an equity backstop agreement that could help it exit. Low ranking creditors apposed this recent deal and say related rights offerings isn’t necessary. The underlying stock of Windstream Holdings, Inc. is symbol WINMQ and has fallen from about $75 per share to $.16 which has obviously hurt investors badly. Many brokers failed to limit losses in the decline and do their fiduciary duty to their clients by advising them to hold the entire way down.
If you or a loved one were sold Windstream bonds or related stock (symbol WINMQ) please call Soreide Law Group today to speak to an attorney to discuss your possible recovery 1-888-760-6552. Soreide Law Group files claims against brokerage firms nationwide through the FINRA forum. There is no fee unless we are successful in recovering your investment losses. Soreide Law handles claims nationwide and is available to meet with clients via zoom or phone conference anywhere in the world. If you feel that Windstream was not an appropriate recommendation from your financial advisor call us today to discuss your legal rights to recover.