James J. Loughlin Jr., has been named the Chief Restructuring Officer of Independent Wireless One (IWO)

May 1, 2004 -- Loughlin Meghji + Company announces that its Founding Principal James J. Loughlin Jr., has been named the Chief Restructuring Officer of Independent Wireless One (IWO). IWO is the Sprint Wireless affiliate serving markets in upstate New York, New Hampshire, Massachusetts, Pennsylvania and Vermont. The markets served by IWO include more than six million residents. IWO is wholly owned by US Unwired, a Sprint Wireless affiliate serving markets throughout the Southeast.

IWO has over 215,000 subscribers and had revenue of $172 million in FY 2003, with total debt exceeding $350 million. US Unwired is not obligated for the payment of IWO's debt. The Company believes it needs to restructure its debt obligations and may need to file for bankruptcy. Loughlin, in his role as CRO, has been engaged by the IWO Board of Directors to lead the restructuring process. Loughlin comments:

The IWO engagement is an outstanding opportunity for Loughlin Meghji + Company to provide leadership in a challenging and complex situation. The wireless telephone industry has unique challenges and opportunities which make the IWO situation particularly interesting.

Loughlin Meghji + Company provides financial advisory services to debtors, creditors and other stakeholders. It serves all of the needs of distressed investors including interim management, distressed M&A and creditor advisory services. As a leading firm providing distressed advisory services, LM+Co has an established track record for developing and implementing strategies to maximize enterprise value and creditor recovery.