niiholdings

NII Holdings Inc (OTCMKTS:NIHDQ) Reaches Restructuring Deal

NII Holdings Inc (OTCMKTS:NIHDQ) announced that the debtors have reached a deal with the holders of more than 70% in amount of the ‘Notes’ issued by NII International Telecom S.C.A. and NII Capital Corp. and NII International Telecom S.C.A. The agreement also includes the official group of unsecured creditors. The deal is related to the terms of a revised plan of restructuring that has to be implemented in the company’s Debtors´ Chapter 11 cases.

The details

NII Holdings Inc (OTCMKTS:NIHDQ) restructuring deal is evident in a plan support agreement. It replaces the previous plan support agreement finalized in November 2014. The agreement was terminated after the company entered into a new deal to liquidate its operations in Mexico to a subsidiary firm of AT&T Inc.(NYSE:T).

Revised Plan Support Agreement

 As per the Revised Plan Support Agreement, NII Holdings will incorporate a mutually agreed reorganization of its debtors after the completion of the proposed sale of its operations in Mexico. Steve Shindler, the CEO of NII Holdings said that reaching restructuring agreement is another important step taken forward towards reorganization process. The company is focused on strengthening its balance sheet and enhancing the liquidity and capital structure in order to emerge as a robust and financially strong company that is well placed for profitability and growth.

The profile

NII Holdings Inc (OTCMKTS:NIHDQ) operations in Argentina, Brazil and Mexico, are not covered in the pending bankruptcy proceedings. They continue to function in the ‘ordinary course’ outside of Chapter 11. NII is a publicly held firm based in Reston and is a provider of various mobile communication services for high-value customers and businesses in Latin America. It is functioning under the Nextel brand in Argentina, Brazil, and Mexico. The company provides fully integrated wireless communications equipments with data services, digital cellular voice services, wireless Internet access and Direct Connect.

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