The moribund telecoms company NextWave has been given until October 22 to put its affairs in order. The company was due to go before the US Bankruptcy Court for the Southern District of New York yesterday to make its application, but at the 11th hour a request for a three week stay of execution was granted.
The delay is due to problems of restructuring; NextWave may be about to return its spectrum licenses so as to guarantee the company a multimillion-dollar hand out, which may only amount to a third of the original cost. The licenses would then be sold on to NextWaves competitors from the original auction.
