Bloomberg Law
April 17, 2019, 6:22 PM

Elliott Dominates Windstream’s Bankruptcy With $1 Billion Stake

Allison McNeely
Allison McNeely
Bloomberg News

Elliott Management Corp. has emerged as the dominant creditor in Windstream Holdings Inc., signaling that Paul Singer’s hedge fund will be a leading force in the rural telecom company’s complicated bankruptcy.

Elliott holds about $1.1 billion in various parts of Windstream’s $5.6 billion pre-petition capital structure, according to a Bloomberg analysis of court filings. The position includes more than $200 million of first-lien term loans and bonds and over $400 million of second-lien notes.

The hedge fund also amassed $524.8 million of unsecured bonds, the filings show. That’s significant because one $806.9 million set of Windstream’s junior notes, the 6.375 ...