Leap Wireless International Inc. said it has emerged from Chapter 11 bankruptcy protection, shedding more than $2 billion in debt since its financial reorganization began more than a year ago.
As part of its emergence from bankruptcy protection, Leap said it has begun distributing new equity and debt securities that are expected to begin trading on the OTC Bulletin Board under the “LEAP” ticker symbol. Leap said it plans to apply for listing on the NASDAQ National Market System upon satisfaction of the listing criteria. The carrier’s previous common stock and securities, which closed at two-tenths of a cent on Monday, were cancelled as part of the financial reorganization.
“This is a bright day for our company,” said Bill Freeman, chief executive officer of Leap. “Our focus going forward will be on continuing to strengthen our business through the development and implementation of new, customer-driven services that, over time, are expected to drive the growth of our business.”
Leap recently noted that it served more than 1.5 million customers at the end of the second quarter and has hinted at plans to expand its Cricket service, which is currently available in 39 markets in 20 states, to include more diverse service offerings.
Leap also reported that as part of its emergence from Chapter 11 bankruptcy protection it has created a new board of directors consisting of Wayne Barr Jr., senior managing director of Capital & Technology Advisors L.L.C.; Rajendra Singh, co-founder of LCC International; Michael Targoff, founder and CEO of Michael Targoff & Co.; and Gerald Stevens-Kittner, former senior vice president for legislative and regulatory affairs at CAI Wireless Systems Inc.
The board is expected to appoint three additional directors in the near future, including James Dondero, founder and president of Highland Capital Management L.P.; Mark Rachesky, founder and president of MHR Fund Management L.L.C.; and Leap’s Freeman.
