NII Holdings emerges from Chapter 11 bankruptcy
Reston-based NII Holdings announced Friday it has emerged from Chapter 11 bankruptcy. The company filed for bankruptcy in September.
“This is an important day for NII Holdings and all of our creditors, employees and customers,” Steve Shindler, NII's CEO, said in a statement. “Working through the reorganization process has been challenging for all of our stakeholders, but we have emerged as a more streamlined and focused organization with a strong balance sheet and a healthy liquidity position.”
Under the Plan, approximately 100 million shares of NII's new common stock and $745 million in cash will be distributed to holders of senior notes.
The Company has applied to list the shares of NII's new common stock on the NASDAQ Stock Exchange.
NII provides mobile communication services in Latin America under the Nextel brand.