NextWave is officially free of Chapter 11 bankruptcy protection. Its $3 billion sale of PCS licenses to Verizon Wireless has been completed, giving the company enough cash to settle its debts. The company has been re-organized under the name Nextwave Wireless LLC.

Next up for NextWave is providing 4G wireless services. The dual-use (government and consumer) network will attempt to take market share from EV-DO, the leading high-speed wireless technology.

The company’s initial steps include a commercial launch of broadband wireless operations in Las Vegas, Nevada, and in New York City.