Winstar Communications, Inc. - Filed for Bankruptcy on April 18, 2001

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Beautifully engraved and scarce certificate from Winstar Communications, Inc. . This historic document was printed by the American Banknote Company and has an ornate border around it. This item has the printed signatures of the Company's Chairman, William J. Rouhana, Jr and its Secretary, Timothy R. Graham. Winstar was a leading broadband services company. The company was rapidly building one of the world's most widely available, end-to-end broadband networks. Winstar was making this network important and useful to businesses by providing a comprehensive set of high-quality, digital-age broadband services. These services included high-speed Internet and data, Web hosting and design, phone services, Web-based applications, e-commerce, professional services and®, A Service From Winstar, the top-ranked online business service for small and medium-sized businesses. NEW YORK, APRIL 18, 2001 WINSTAR COMMUNICATIONS INC. (NASDAQ: WCII) today announced that the Company, along with certain of its subsidiaries, has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the District of Delaware. The Company intends to utilize the Chapter 11 process to restructure its balance sheet, while continuing to provide service to its 30,000 business customers and maximizing the value of its extensive broadband network and comprehensive set of broadband services. The Company emphasized that this Chapter 11 filing will not impact day-to-day operations with regard to its employees, customers and general business operations. The Company has arranged for debtor-in-possession (DIP) financing with an initial commitment of $75 million, from a consortium of banks comprised of CIBC, Citicorp, Credit Suisse First Boston, The Bank of New York and The Chase Manhattan Bank. This commitment may be increased to as much as $300 million upon the satisfaction of certain conditions. William J. Rouhana, Jr., chairman and chief executive officer of Winstar said, "We expect to emerge from the Chapter 11 process with a new balance sheet that has significantly less debt, thereby dramatically lowering our interest payments and providing us with more operating flexibility. Winstar has the most widely available end-to-end broadband network for businesses. The Company has more than 30,000 business customers employing more than 1 million people that produced an annual revenue stream of more than $700 million in year 2000. During the restructuring process, we will focus on maximizing the untapped potential of the 140,000 addressable businesses in the 4,800 buildings that are directly connected to our already existing, domestic built-out broadband network." Rouhana concluded, "While this was a very difficult decision to make, given the current circumstances, we determined that we needed to take decisive action for our employees, customers and creditors, to maximize the value of our business." Nathan Kantor, president and chief operating officer of Winstar added, "We have been building our broadband network for more than seven years, making us one of the most experienced and established companies in our sector. We are confident that focusing on the potential of our existing network, coupled with a more efficient organization, will allow Winstar to emerge from this process as a stronger company."