Verizon Seeks Extension in Alltel Asset Spinoff
Verizon Wireless has formally requested more time from the Federal Communications Commission to divest assets it acquired through its purchase of Alltel. The FCC required the divestitures in order for Verizon to acquire Alltel, a deal that closed earlier this year. Those assets include more than 90 markets covering some 2.2 million customers. The "Request for Extension of Management Period" filed should give Verizon and those interested in acquiring its assets an additional 60 days to close the divestitures. If approved, the new date by which Verizon will need to sell off all the Alltel properties would be July 8. Verizon cited the economic climate and complexity of the divestitures as reasons for its request.