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NII Holdings Announces Restructuring Agreement

NII Holdings has actually reached an arrangement with a few of its financial obligation holders that ought to see it exist the bankruptcy defense it got in last year.Under the regards to
the Revised Plan Support Agreement, the Company will certainly execute a consensual reorganization of the NII Debtors following the conclusion of the suggested sale of the business’s operations in Mexico.

The financial obligation will certainly be paid back in part utilizing money from the Mexico sale, and a partial conversion into an equity stake in the company.The lenders have actually likewise accepted supply $350 million in post-petition funding to money the Company up until it finishes the sale of its operations in Mexico.”Reaching this contract is another substantial advance in our reorganization procedure,”stated Steve Shindler, NII Holdings’primary executive officer.

“We are concentrated on reinforcing our balance sheet and enhancing our capital structure and liquidity in order to enable us to become a more powerful, much healthier business that is well placed for development and earnings.

“The Plan Support Agreement needs the NII Debtors to submit a modified strategy of reorganization and disclosure statement that consist of the terms reflected in the Revised Plan Support Agreement and associated term sheet and to obtain votes of lenders to authorize the reorganization strategy.

The holders of Senior Notes that are celebrations to the Plan Support Agreement have actually accepted enact favor of the modified strategy of reorganization.The Company’s operations in Mexico, Brazil and Argentina are not consisted of in the pending bankruptcy procedures and remain to run in the normal course beyond Chapter 11.

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