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NextWave in Discussions with Noteholders Regarding Forbearance Waiver obtained from Holders of Senior Notes

Waiver Agreement

NextWave in Discussions with Noteholders Regarding Forbearance Waiver obtained from Holders of Senior Notes | Document Parties: NEXTWAVE WIRELESS INC. | NextWave Wireless Inc You are currently viewing:
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NEXTWAVE WIRELESS INC. | NextWave Wireless Inc

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Title: NextWave in Discussions with Noteholders Regarding Forbearance Waiver obtained from Holders of Senior Notes
Date: 7/18/2011
Industry: Communications Equipment     Sector: Technology

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Exhibit 99.1

NextWave in Discussions with Noteholders Regarding Forbearance

Waiver obtained from Holders of Senior Notes

SAN DIEGO – July 18, 2011 – NextWave Wireless Inc. (OTCQB: WAVE-News) (the “Company” or “NextWave”) today announced that the holders of the Company’s Senior Secured Notes (the “First Lien Notes”), having an aggregate principal amount of approximately $129 million at June 30, 2011, have provided a limited waiver of the Company’s obligation to pay such notes in full on July 17, 2011. The limited waiver will expire on August 1, 2011. NextWave is in active negotiations with the holders of all series of its secured notes regarding an agreement whereby such holders would forbear for a longer period of time from exercising their respective rights and remedies relating to certain potential defaults under the agreements relating to each class of notes.

NextWave has been engaged in discussions with the holders of its secured notes relating to a maturity extension and related amendments to its note agreements since January 2011. These discussions have not resulted in a maturity extension. An independent committee of NextWave’s Board of Directors has authorized the Company’s financial advisor to seek alternative sources of financing to repay the Senior Notes and Second Lien Notes. At this time, alternative financing has not been identified and cannot be assured. During the term of a forbearance agreement, if such an agreement is obtained, NextWave would seek to complete a refinancing transaction, negotiate a maturity extension or pursue another alternative with respect to its pending debt maturities.

In addition to the First Lien Notes, the Company also has outstanding Senior-Subordinated Secured Second Lien Notes due 2011 (the “Second Lien Notes”), having an aggregate principal amount of $179 million at June 30, 2011, which will mature in November 2011 and Senior-Subordinated Secured


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