NII Holdings emerges from bankruptcy

News Wireless Latin America and the Caribbean 29 JUN 2015
NII Holdings emerges from bankruptcy

Latin American mobile operator NII Holdings has announced that it has emerged from Chapter 11 reorganisation proceedings after its plan was accepted by the US Bankruptcy Court for the Southern District of New York. NII Holdings, which operates under the Nextel brand in Latin America, said the plan envisaged the distribution to holders of senior notes of around 100 million shares of the company's new common stock and USD 745 million in cash. The stock and cash will be issued by the NII Holdings units, NII Capital Corp and NII International Telecom S.C.A. In addition, the company has applied to list the new common stock on the NASDAQ stock exchange.

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 is said to be discussing the sale of its Argentine unit to concentrate on its Brazilian operations.

Categories:

Mobile

Companies:

Nextel,  NII Holdings

Regions:

Latin America and the Caribbean

Countries:

United States

Tags:

Bankruptcy - Insolvency, M&A buyouts & divestments

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