Windstream Billed $72.3M in 2019 by Top Firms in Bankruptcy

You probably saw that Windstream Holdings Inc. reported last week a loss of $128.3 million on revenue of $1.24 billion for its fourth quarter.

But did you know that the same day that the earnings were released, the Little Rock telecommunications company filed a document in its Chapter 11 bankruptcy listing how much it has paid the professional team handling its reorganization?

The total: $72.3 million, according to Windstream’s December monthly operating report, the latest available, filed in U.S. Bankruptcy Court’s Southern District of New York.

One of the law firms representing Windstream in the reorganization is Kirkland & Ellis LLP of New York. It has been paid a total of $16.2 million since Windstream filed for bankruptcy in February 2019 through the end of the year.

Second on the list of highest-paid professionals was Alvarez & Marsal North America LLC, the global financial advisory services firm, which has been paid $15.4 million during the same period.

Kurtzman Carson Consultants LLC of El Segundo, California, has received $13.3 million. Other companies on the list include the accounting firm KPMG LLP, which has been paid $1.7 million.

Windstream provides telecommunications and networking services to businesses and broadband internet and entertainment services to consumers. It was forced into bankruptcy by a judgment won by bondholders.