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Defaulting On Bond Covenants
Windstream Holdings, a rural telecom company, is expected to file for bankruptcy after the company recently lost a lawsuit filed by Aurelius Capital. The lawsuit stems from Windstream's 2015 spinoff of the company's Uniti Group. Aurelius filed the lawsuit arguing that the spinoff violated protective covenants in the company's bond indentures. Windstream was forced to pay Aurelius $310 million. Since the ruling legally means the company has defaulted in its debt, other bondholders can now force immediate repayment on the bonds they hold.
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