Subject: [NEXTEL-1] Argentina: Nextel Argentina clears its debt

From: Marcel <[email-masked]>
Date: Sat, 23 Nov 2002 16:54:59 -0500

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Argentina: Nextel Argentina clears its debt

November 16, 2002 8:56am

Argentina, Nov 15, 2002 (El Cronista/SABI via COMTEX) -- Nextel Argentina, the
fifth leading cellular telephone operator in the country, cleared its debt
thanks to its parent company which included the debts of its Argentinean
subsidiary in its own restructuring process. NII Holdings, owner of 100% of
Nextel Argentina, managed to solve its problems with its creditors in the United
States. Its old debt of US$2.8bil was reduced by 82% to the present US$500mil.
This debt reduction provoked changes in the company's share package, and 64% was
transferred to its creditors. Nextel Corporation kept the other 36%. Also NII
received an injection of US$190mil cash. The Argentinean subsidiary had a
US$108mil debt owed to a pool of American and European banks. The other cellular
phone operators in Argentina (Personal, Movicom, Unifon and CTI) have a total
debt of around US$2bil. Nextel Argentina has 185,000 corporate clients.

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Copyright © 2002, South American Business Information, All rights reserved.

-0-

INDUSTRY KEYWORD: Cellular Telephone Services
EVENT: Debt Management

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