Subject: [NEXTEL-1] Monday, November 18, 2002

From: Marcel <[email-masked]>
Date: Mon, 18 Nov 2002 10:20:07 -0500

T R O U B L E D   C O M P A N Y   R E P O R T E R

SPECTRASITE HOLDINGS: Case Summary & 12 Unsecured Creditors
-----------------------------------------------------------
Debtor: Spectrasite Holdings, Inc.
         Mailing Address
         100 Regency Forest Drive
         Suite 400
         Cary, NC 27511

Bankruptcy Case No.: 02-03631

Type of Business: The Debtor is a holding company incorporated
                   in Delaware whose principal asset is 100% of
                   the common stock of SpectraSite
                   Communications, Inc., a telecommunication
                   company.

Chapter 11 Petition Date: November 15, 2002

Court: Eastern District of North Carolina

Judge: A. Thomas Small

Debtor's Counsel: Terri L. Gardner, Esq.
                   Poyner & Spruill, LLP
                   PO Drawer 10096
                   3600 Glenwood Avenue
                   Raleigh, NC 27605-0096
                   Tel: (919) 783-6400

Total Assets: $742,176,818

Total Debts: $1,739,522,826

Debtor's 12 Largest Unsecured Creditors:

Entity                      Nature Of Claim       Claim Amount
------                      ---------------       ------------
The Bank of New York,       11-1/4% Senior Notes  $495,765,252
  Successor
c/o Margaret Clesmelewski
101 Barclay St., 8th Fl. West
New York, NY 10286
Tel: 212-815-5733

The Bank of New York,       12-7/8% Senior Notes  $411,993,615
  Successor
c/o Margaret Clesmelewski
101 Barclay St., 8th Fl. West
New York, NY 10286
Tel: 212-815-5733

The Bank of New York,       6-3/4% Sr. Con. Notes $211,763,888
  Successor
c/o Margaret Clesmelewski
101 Barclay St., 8th Fl. West
New York, NY 10286
Tel: 212-815-5733

The Bank of New York,       12-1/2% Senior Notes  $211,645,833
  Successor
c/o Margaret Clesmelewski
101 Barclay St., 8th Fl. West
New York, NY 10286
Tel: 212-815-5733

The Bank of New York,       12% Senior Notes      $205,472,736
  Successor
c/o Margaret Clesmelewski
101 Barclay St., 8th Fl. West
New York, NY 10286
Tel: 212-815-5733

The Bank of New York,       10-3/4% Senior Notes  $202,850,000
  Successor
c/o Margaret Clesmelewski
101 Barclay St., 8th Fl. West
New York, NY 10286
Tel: 212-815-5733

Welsh Carson Anderson      Funding Agreement Fee   $10,500,000
  & Stowe
Lawrence B. Sorrel
320 Park Ave., Suite 2500
New York, NY 10022

Oaktree Capital            Senior Note Claim         *See Note
  Management
c/o Kenneth Liang
333 S. Grand Ave. 28th Floor
Los Angeles, CA 90071
Tel: 213-830-6422

Apollo Management          Senior Note Claim         *See Note
Rob Katz
1301 Ave. of  Americas
38th Floor
New York, NY 10009
Tel: 303-381-2514

Fidelity Investments       Senior Note Claim         *See Note
c/o Travis Rhodes
82 Devonshire St., E20G
Boston, MA 02109
Tel: 617-563-2599

Conseco Capital Mgt. Inc.  Senior Note Claim         *See Note
c/o Eric Johnson
11825 N. Pennsylvania St.
Carmel, IN 46032
Tel: 317-817-6806

Capital Research Co.       Senior Note Claim         *See Note
c/o Susan Tolson
11100 Santa Monica Blvd.
15th Floor
Los Angeles, CA 90025
Tel: 31-996-6101

* Senior Note Claim - This creditor is one of the largest known
holders of the Senior Notes and is a member of the Prepetition
Noteholders Committee. Its claim amount is included in the claim
amounts listed for the indenture trustees for the Senior Notes.

SPECTRASITE HOLDINGS: Files Chapter 11 Petition in N. Carolina
--------------------------------------------------------------
SpectraSite Holdings, Inc. (Nasdaq: SITE), one of the largest
wireless tower operators in the United States, has filed a
voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code in the United States Bankruptcy Court for the
Eastern District of North Carolina, Raleigh Division.

The filing is intended to implement a restructuring plan
negotiated with certain bondholders and announced November 6.
The Company expects to file additional information, including a
Plan of Reorganization, next week.

The Chapter 11 Plan involves a restructuring of only the debt
and equity securities of SpectraSite Holdings, which is a
holding company without any business operations of its own.
SpectraSite Communications, the operating subsidiary, is an
independent legal entity that generates its own cash flow and
has access to its own credit facility. SpectraSite
Communications will continue to operate normally and without
interruption, and its customers and creditors will be
unaffected. The Company expects that the Chapter 11 case will be
completed in 90 days.

In addition, SpectraSite has amended the agreements previously
announced on May 16, 2002, with Cingular and SBC. Under the
amended agreements, the Company will, subject to certain
conditions, including completion of the Chapter 11 case, 1)
transfer the Company's interest in 545 SBC towers to Cingular,
2) reduce its future sublease commitment with SBC by 294 towers
and, 3) extend the closings for the remaining SBC towers through
the third quarter of 2004. The Company will receive $73.5
million, which it will use to repay a portion of the
indebtedness outstanding under SpectraSite Communications'
senior credit facility.

Steve Clark, President and CEO of SpectraSite, stated, "The
Chapter 11 filing brings us another step closer to completing
the financial restructuring process. Throughout this process
there should be no impact on our day-to-day operations and we
will serve our customers and property owners without
interruption. It is our plan to emerge from Chapter 11 in the
first quarter of 2003 with a solid balance sheet and a strong
future. Our agreements with Cingular and SBC will further
enhance our financial flexibility and strength."

Completion of the restructuring plan is subject to certain
conditions, including its acceptance by affected classes of
claim holders, whose votes will be solicited as part of the
court process. Having already reached agreement with the holders
of approximately two-thirds of its outstanding notes, the
Company believes it will receive the votes required for approval
of the plan.

SpectraSite Communications, Inc. -- http://www.spectrasite.com
-- based in Cary, North Carolina, is one of the largest wireless
tower operators in the United States. At Sept. 30, 2002,
SpectraSite owned or managed approximately 20,000 sites,
including 7,999 towers primarily in the top 100 markets in the
United States. SpectraSite's customers are leading wireless
communications providers and broadcasters, including AT&T
Wireless, ABC Television, Cingular, Nextel, Paxson
Communications, Sprint PCS, Verizon Wireless and Voicestream.

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