Subject: [NEXTEL-1] Nucentrix Chapter 11 Plan Confirmed

From: [email-masked]
Date: Tue, 04 May 2004 03:46:55 -0400

As previously reported, Nextel was the winning bidder at an auction 
for Nucentrix's assets in November 2003, with a bid of $51 million. 

Nucentrix Chapter 11 Plan Confirmed
5/3/04     

DALLAS, May 3, 2004 (BUSINESS WIRE) -- 

Nucentrix Broadband Networks, Inc. (Pink Sheets:NCNXQ) (Nucentrix or 
the Company), announced today that the U.S. Bankruptcy Court for the 
Northern District of Texas has confirmed the First Amended Joint 
Plan of Liquidation (Plan) of the Company and its debtor 
subsidiaries. As a  result, Nucentrix expects to close the sale of its
Federal 
Communications Commission (FCC) licenses and related assets to 
Nextel Spectrum Acquisition Corp. (Nextel), a wholly-owned 
subsidiary of Nextel Communications Inc. (Nasdaq:NXTL) in June 2004. 
As previously reported, Nextel was the winning bidder at an auction 
for Nucentrix's assets in November 2003, with a bid of $51 million 
in cash, plus the assumption of certain liabilities. In April 2004, 
the FCC approved the sale of Nucentrix's FCC assets to Nextel. The 
sale remains subject to customary closing conditions, including the 
order of the FCC approving the sale becoming a final order. 

At the Bankruptcy Court hearing today, Nucentrix reported that, 
based on anticipated sale proceeds and the assignment of spectrum 
lease liabilities outside the Nextel sale, the Company expects to 
pay all creditors the full amount of their claims as allowed by the 
Bankruptcy Court. After payment to creditors, record holders of 
Nucentrix common stock on the effective date of the Plan will be 
entitled to receive distributions of remaining net proceeds pursuant 
to, and subject to the conditions of, the Plan. Nucentrix 
anticipates that the Plan will become effective within five business 
days after the date the Nextel sale closes. On the effective date of 
the Plan, all outstanding shares of Nucentrix common stock will be 
canceled and the transfer books for the common stock will be closed. 

The Company is not able to estimate with certainty the per share 
amount that may be received by record stockholders. This amount will 
be affected by (i) the outcome and allowed amount of disputed claims 
and claims that may yet be asserted, (ii) the amount of expenses 
necessary to wind down the Company's estate, including professional 
fees and expenses, (iii) proceeds received from the sale of other 
assets of the Company and (iv) the total amount of cure costs and 
administrative expenses required to be paid by Nucentrix for 
spectrum leases being assigned to third parties. 

http://home.businesswire.com/portal/site/index.jsp?ndmViewId=news_view&newsId=20040503006184&newsLang=en

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