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Rural broadband provider Windstream has filed for bankruptcy in response to a court ruling that it violated covenants on bonds.
The Feb. 15 decision in a case brought against Windstream by distressed-debt hedge fund Aurelius Capital Management put the bonds into default, triggering an acceleration of the maturities. The 6.375% senior notes had been due to mature in 2023.
U.S. District Judge Jesse Furman in New York agreed with Aurelius that Windstream’s spinoff of its Uniti fiber-optic cable network in 2015 constituted a sale-and-leaseback...