WINSTAR BANKRUPTCY NEWS: First Issue Free

Apr 19, 2001, 01:00 ET from Bankruptcy Creditors' Service, Inc.

    TRENTON, N.J., April 19 /PRNewswire/ -- Bankruptcy Creditors' Service,
 Inc., today announced publication of WINSTAR BANKRUPTCY NEWS, tracking the
 chapter 11 restructuring under taken by
 Winstar Communications, Inc. (Nasdaq:   WCII) and its various debtor-affiliates,
 including Office.com, Inc.
     "This case is an incredible tangle of billions of dollars of assets, miles
 and miles of cables, and long lists of banks, bondholders, trade creditors and
 shareholders," observes Peter A. Chapman, president of Bankruptcy Creditors'
 Service, Inc., and editor of WINSTAR BANKRUPTCY NEWS.  "This won't be a quick
 restructuring and what Winstar's business will look like at the end of the
 chapter 11 tunnel is unknowable at this stage."
     Chapman indicates that the first issue of WINSTAR BANKRUPTCY NEWS,
 released today, includes:
 
     -- background information about the Company's operations and financial
        status;
 
     -- detailed information extracted from the Debtors' chapter 11 bankruptcy
        petitions;
 
     -- a list of the Debtors' 20-largest unsecured creditors; and
 
     -- a calendar of the key dates and deadlines in the Debtors' chapter 11
        cases.
 
     Chapman relates that the next edition, to be released early next week,
 will provide subscribers with a detailed review of:
 
     -- the Debtors' motion to obtain access to post-petition financing
        arranged by Citicorp USA, Inc.;
 
     -- the Debtors' applications to employ Shearman & Sterling, The Blackstone
        Group, PricewaterhouseCoopers, Grant Thornton, and the parade of other
        professionals that will help push and pull the Company through the
        restructuring process;
 
     -- the Debtors' first-day assault -- "perhaps substantive, perhaps a
        sideshow," Chapman comments -- against Lucent Technologies, Inc.;
 
     -- the operational and financial impact of other motions asking the
       Delaware bankruptcy court for emergency relief in order to maintain
       "business as usual" from a customer's perspective to the extent
       possible; and
 
     -- the United States trustee's plans and efforts to form one or more
        official committees to represent the interests of the Debtors'
        creditors.
 
     WINSTAR BANKRUPTCY NEWS is distributed on a subscription basis by e-mail
 for $45 per issue. New issues are published as significant activity occurs
 (generally every 10 to 20 days) in the company's chapter 11 cases.
     Chapman advised that a free copy of the first issue of WINSTAR BANKRUPTCY
 NEWS is available via the Internet at http://www.bankrupt.com/winstar.txt
 using a standard Web browser.
     Since 1990, BCSI has published similar newsletters tracking billion-dollar
 insolvency proceedings. Currently, BCSI provides similar coverage of the
 chapter 11 cases involving Pacific Gas and Electric Company, Owens Corning,
 Armstrong World Industries, LTV, Wheeling-Pittsburgh, W.R. Grace & Co.,
 Safety-Kleen, Bridge Information Services, ICG Communications, Lernout &
 Hauspie & Dictaphone, Fruit of the Loom, Pillowtex, Imperial Sugar, Vlasic
 Foods, The Loewen Group International, Inc., Harnischfeger Industries, Inc.,
 Vencor, Inc., and the Top Five healthcare restructurings (Vencor, Sun,
 Mariner, Genesis and Integrated Health Services).
     Additionally, BCSI co-publishes the TROUBLED COMPANY REPORTER. The TCR
 provides daily news by e-mail about approximately 700 high-profile
 restructurings and insolvency proceedings around the globe.  Go to
 http://www.bankrupt.com/periodicals/tcr/tcr.form.html to sign-up for a 30-day
 free trial subscription to the TCR.
 
 

SOURCE Bankruptcy Creditors' Service, Inc.
    TRENTON, N.J., April 19 /PRNewswire/ -- Bankruptcy Creditors' Service,
 Inc., today announced publication of WINSTAR BANKRUPTCY NEWS, tracking the
 chapter 11 restructuring under taken by
 Winstar Communications, Inc. (Nasdaq:   WCII) and its various debtor-affiliates,
 including Office.com, Inc.
     "This case is an incredible tangle of billions of dollars of assets, miles
 and miles of cables, and long lists of banks, bondholders, trade creditors and
 shareholders," observes Peter A. Chapman, president of Bankruptcy Creditors'
 Service, Inc., and editor of WINSTAR BANKRUPTCY NEWS.  "This won't be a quick
 restructuring and what Winstar's business will look like at the end of the
 chapter 11 tunnel is unknowable at this stage."
     Chapman indicates that the first issue of WINSTAR BANKRUPTCY NEWS,
 released today, includes:
 
     -- background information about the Company's operations and financial
        status;
 
     -- detailed information extracted from the Debtors' chapter 11 bankruptcy
        petitions;
 
     -- a list of the Debtors' 20-largest unsecured creditors; and
 
     -- a calendar of the key dates and deadlines in the Debtors' chapter 11
        cases.
 
     Chapman relates that the next edition, to be released early next week,
 will provide subscribers with a detailed review of:
 
     -- the Debtors' motion to obtain access to post-petition financing
        arranged by Citicorp USA, Inc.;
 
     -- the Debtors' applications to employ Shearman & Sterling, The Blackstone
        Group, PricewaterhouseCoopers, Grant Thornton, and the parade of other
        professionals that will help push and pull the Company through the
        restructuring process;
 
     -- the Debtors' first-day assault -- "perhaps substantive, perhaps a
        sideshow," Chapman comments -- against Lucent Technologies, Inc.;
 
     -- the operational and financial impact of other motions asking the
       Delaware bankruptcy court for emergency relief in order to maintain
       "business as usual" from a customer's perspective to the extent
       possible; and
 
     -- the United States trustee's plans and efforts to form one or more
        official committees to represent the interests of the Debtors'
        creditors.
 
     WINSTAR BANKRUPTCY NEWS is distributed on a subscription basis by e-mail
 for $45 per issue. New issues are published as significant activity occurs
 (generally every 10 to 20 days) in the company's chapter 11 cases.
     Chapman advised that a free copy of the first issue of WINSTAR BANKRUPTCY
 NEWS is available via the Internet at http://www.bankrupt.com/winstar.txt
 using a standard Web browser.
     Since 1990, BCSI has published similar newsletters tracking billion-dollar
 insolvency proceedings. Currently, BCSI provides similar coverage of the
 chapter 11 cases involving Pacific Gas and Electric Company, Owens Corning,
 Armstrong World Industries, LTV, Wheeling-Pittsburgh, W.R. Grace & Co.,
 Safety-Kleen, Bridge Information Services, ICG Communications, Lernout &
 Hauspie & Dictaphone, Fruit of the Loom, Pillowtex, Imperial Sugar, Vlasic
 Foods, The Loewen Group International, Inc., Harnischfeger Industries, Inc.,
 Vencor, Inc., and the Top Five healthcare restructurings (Vencor, Sun,
 Mariner, Genesis and Integrated Health Services).
     Additionally, BCSI co-publishes the TROUBLED COMPANY REPORTER. The TCR
 provides daily news by e-mail about approximately 700 high-profile
 restructurings and insolvency proceedings around the globe.  Go to
 http://www.bankrupt.com/periodicals/tcr/tcr.form.html to sign-up for a 30-day
 free trial subscription to the TCR.
 
 SOURCE  Bankruptcy Creditors' Service, Inc.