The company says it owned, managed, leased or had rights to 4,400 cell phone sites in the United States and Canada on Dec. 31, 2001.
New York-based Fortress Investment Group, chaired by Wesley R. Edens, and Greenhill Capital Capital Partners, also of New York and headed by Robert H. Niehaus, are committing the $205 million to buy Pinnacle's delinquent 10% senior discount notes.
Pinnacle was $200 million in debt when the company voluntarily filed for protection under the U.S. Bankruptcy Code in May. Pinnacle's second amended joint plan of reorganization was approved by the Bankruptcy Court for the Southern District of New York on Oct. 9.
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