US court approves NII Holdings' bankruptcy plan

Nieuws Mobiel Latijns-Amerika en het Caribisch gebied 22 JUN 2015
US court approves NII Holdings' bankruptcy plan

Latin American mobile operator NII Holdings has announced that the US Bankruptcy Court for the Southern District of New York has approved its USD 4.35 billion plan to exit Chapter 11 bankruptcy. NII Holdings, which operates under the Nextel brand in Latin America, said the plan had the broad support of all classes of creditors of the company and its subsidiaries, and is expected to become effective as soon as practicable subject to certain conditions. It added that the plan serves to strengthen its balance sheet by restructuring USD 4.35 billion in senior unsecured notes issued by subsidiaries that were part of the bankruptcy proceedings. Holders of that debt will now receive a combination of cash and common stock of the reorganised company in varying amounts based on the series of senior notes held.

NII filed for Chapter 11 bankruptcy in September 2014, subsequently proceeding to sell Nextel Mexico to AT&T for USD 1.9 billion. It continues to operate under the Nextel brand in Brazil and Argentina but recent reports have suggested the company is in talks to sell its Argentine unit to concentrate on its Brazilian operations.

Categories:

Mobiel

Companies:

Nextel,  NII Holdings

Regions:

Latijns-Amerika en het Caribisch gebied

Countries:

Verenigde Staten

Tags:

Bankruptcy - Insolvency, Wireless, Wholesale, Corporate strategy, Legislation - Lawsuits

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