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Windstream Holdings Inc. will have to wait another day before it learns whether it has clearance to exit bankruptcy and begin operating as a privately held company.

Testimony in Windstream's final confirmation hearing of its reorganization plan dragged on all day Wednesday and left little time for U.S. Bankruptcy Judge Robert Drain to rule in the case. Drain said he expects to issue a ruling today when the hearing reconvenes.

Windstream has been operating under Chapter 11 bankruptcy protection since February 2019.

The company's proposed reorganization plan would allow Windstream to reduce its debt by more than $4 billion and reorganize its governance, giving its leading creditors 10 of 11 seats on the company's new board of directors.

In filed testimony, Windstream Chief Executive Officer Tony Thomas said the reorganization plan presents an "exclusive option for Windstream to emerge from Chapter 11 as a healthy and viable enterprise."

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