FiberTower Corporation: List of 30 Largest Unsecured Creditors

Following up on our earlier posts regarding the FiberTower Corporation (OTC: FTWRQ) bankruptcy cases filed today, below you can find a list of the companies’ largest unsecured creditors, as identified in bankruptcy court filings.

Review and purchase copies of any of the major court filings from these bankruptcy cases by clicking here.

You can also access more information about these cases by viewing our posts from earlier today:

The following is the consolidated list of creditors holding the 30 largest unsecured claims against the debtor companies as of July 10, 2012, which they filed with the Texas bankruptcy court:

  1. US Bank, NA (Indenture Trustee for the Debtors’ 9.00% Convertible Senior Secured Notes due 2012): $37,046,441.89 [See Additional Note Below for More Information]
  2. Ernst & Young (Vendor Claim): $459,200.00 [Listed as Being Disputed]
  3. Fiberlight (Vendor Claim): $434,899.12 [Disputed]
  4. Light Tower Fiber LLC (Vendor Claim): $405,317.30 [Disputed]
  5. Zayo Bandwidth (Vendor Claim): $283,675.19 [Disputed]
  6. SpectraSite Tower Leasing South (Vendor Claim): $267,619.80 [Disputed]
  7. Cingular Wireless (Vendor Claim): $204,759.02 [Disputed]
  8. Time Warner (Vendor Claim): $196,542.00 [Disputed]
  9. Global Signal Acquisitions II LLC (Vendor Claim): $194,947.68 [Disputed]
  10. Ceragon Networks, Inc. (Vendor Claim): $164,175.64 [Disputed]
  11. Level 3 (Vendor Claim): $126,979.19 [Disputed]
  12. HELPCOmm, INC. (Vendor Claim): $115,253.25 [Disputed]
  13. FPL FiberNet (Vendor Claim): $113,162.00 [Disputed]
  14. US Signal (Vendor Claim): $106,405.65 [Disputed]
  15. Phonoscope (Vendor Claim): $94,689.53 [Disputed]
  16. American Tower Corp. (Vendor Claim): $76,546.06 [Disputed]
  17. TEK Systems (Vendor Claim): $63,276.00 [Disputed]
  18. Accruent LLC (Vendor Claim): $63,060.00 [Disputed]
  19. Buckeye TeleSystems, Inc. (Vendor Claim): $54,377.99 [Disputed]
  20. First Telecom Services LLC (Vendor Claim): $53,594.00 [Disputed]
  21. Connectivity Solutions, Inc. (Vendor Claim): $52,600.00 [Disputed]
  22. NEC Corporation of America Radio Communications Systems (Vendor Claim): $51,510.19 [Disputed]
  23. AboveNet Communications, Inc. (Vendor Claim): $51,253.00 [Disputed]
  24. Fibergate (Vendor Claim): $49,080.00 [Disputed]
  25. MCC/China Basin – 3rd Amendment (Vendor Claim): $46,951.73 [Disputed]
  26. Sidera Networks, LLC (Vendor Claim): $46,163.86 [Disputed]
  27. Network Building & Consulting, LLC (Vendor Claim): $45,549.05 [Disputed]
  28. Verizon Business (Vendor Claim): $42,647.86 [Disputed]
  29. Cox Communications (Vendor Claim): $41,884.00 [Disputed]
  30. syncreon Technology USA LLC (d/b/a nal.syncreon) (Vendor Claim): $41,588.80 [Disputed]

The list filed with the court contained the following footnote regarding the scheduled claim for US Bank, NA as indenture trustee for the senior secured notes due 2012:

With the help of FTI Consulting, Inc. (“FTI”), their proposed financial advisor, the Debtors’ preliminary valuation work shows that the Debtors’ enterprise value is materially less than $132 million — i.e., the approximate principal amount of the 2016 Notes outstanding as of the Petition Date (this preliminary valuation work is based upon the assumption that the Debtors’ spectrum licenses will not be terminated). As a result, the claim relating to the 2012 Notes is unsecured.

Finally, we will note that it is not a typographical error in the list above – every claim was listed as being disputed except for the claim of US Bank, NA. No additional detail regarding the reasons for all claims being so listed was provided.