IWO HOLDINGS ANNOUNCES BONDHOLDER SOLICITATION

Contact:

IWO Holdings, Inc.

James J. Loughlin, Jr.

Chief Restructuring Officer

(212) 340-8421

Lake Charles, LA (December 1, 2004) - IWO Holdings, Inc., PCS affiliate of Sprint (NYSE: FON), announced today that it has commenced a solicitation of votes from the holders of its 14% Senior Notes due 2011 in support of a pre-packaged Chapter 11 plan of reorganization.   Pursuant to the proposed Chapter 11 plan, (i) IWO will repay in full its outstanding senior credit agreement debt in the aggregate principal amount of $215,000,000, (ii) its outstanding Senior Notes in the aggregate principal amount of $160,000,000 will be exchanged for all of the new common stock of IWO, (iii) all other general unsecured claims will be unimpaired and paid in full and (iv) the existing common stock of IWO, all of which is owned by US Unwired Inc., will be cancelled.   IWO has entered into a lock-up agreement with holders of approximately 68% of the outstanding principal amount of its Senior Notes pursuant to which they have agreed to vote in support of the Chapter 11 plan.   In connection with the Chapter 11 plan, a newly formed corporation, which will be merged into IWO upon consummation of the plan, anticipates issuing $225,000,000 in aggregate proceeds of new notes.   The proceeds of such new notes would be used primarily to repay IWO's senior credit agreement debt.   If IWO receives the requisite votes from the holders of its Senior Notes, it intends to effectuate the proposed pre-packaged Chapter 11 plan of reorganization pursuant to a filing under the Bankruptcy Code in late December 2004 or early January 2005

Consummation of the plan would be subject to, among other things, obtaining such new financing and IWO entering into certain amendments to its agreements with Sprint PCS, and settling certain pending disputes with Sprint PCS.  IWO has entered into a non-binding letter of intent with Sprint PCS concerning such amendments and settlement.

IWO provides mobile digital wireless personal communications services, or PCS, under the Sprint and Sprint PCS brand names in upstate New York, New Hampshire (other than Nashua market), Vermont and portions of Massachusetts and Pennsylvania.