Mayer Comments on Pinnacle Holdings and Bank Syndication in the Post-WorldCom Environment

The August 8, 2002 issue of The Daily Deal quoted Kramer Levin Corporate Restructuring and Bankruptcy partner Thomas M. Mayer, in an article entitled "Pinnacle in Ch. 11 Limbo." The article discusses efforts by Pinnacle Holdings' lenders to syndicate a $340 million credit facility, financing crucial to Pinnacle's post-insolvency strategy. Heavily reliant on business from telecommunications companies, Pinnacle may face creditor withdrawal of consent of its re-organization plan if can't close the facility.

Mayer commented on the difficulty in marketing a bank syndication in telecommunications in the post-WorldCom Inc. environment. However, he noted that he did not believe that creditors would withdraw their consent of Pinnacle Holdings' plan.