Subject: [NEXTEL-1] NII Holdings Gets More Time From Court For Turnaround Plan

From: Marcel <[email-masked]>
Date: Fri, 25 Oct 2002 18:12:56 -0400

http://www.wirelessweek.com/index.asp?layout=story&articleId=NEd1024052.4jo

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NII Holdings Gets More Time From Court For Turnaround Plan

October 25, 2002 12:00am

Dow Jones and Company, Inc.

Dow Jones Online News via NewsEdge Corporation : Dow Jones Business News via Dow Jones

WASHINGTON -(Dow Jones)- NII Holdings Inc. received more time from a bankruptcy court to develop reorganization plan and solicit its acceptance from creditors.

The ruling Oct. 17 from the U.S. Bankruptcy Court in Wilmington, Del., gives NII Holdings up to Nov. 20 to file a plan and until Feb. 18, 2003, to gain creditor approval.

If the court were to turn down the company's request, its exclusive plan-filing period would have ended as of Sept. 24, while its exclusive solicitation period would end Monday.

As reported, the company's plan wasn't confirmed during a hearing Tuesday. Judge Mary F. Walrath said the plan is in violation of certain provisions of the bankruptcy code.

Judge Walrath said the company must resolve these problems before it can hope to win plan confirmation. The company is slated to submit resolutions to the problems Friday, and a hearing to consider confirmation is scheduled for Monday if necessary.

According to Judge Walrath, the proposed plan has three problems. First, there is a provision that allows only some of its Class 6 creditors to designate the reorganized company's directors, which isn't acceptable. Under the proposed plan, NII Holdings' parent, Nextel Communications Corp. (NXTL), a Class 6 creditor, is able to designate the directors while Cordillera Communications Corp., another Class 6 creditor, can't do so.

Second, some releases granted to interested parties that protect them from litigation aren't acceptable. NII Holdings has proposed to release all of its current and former officers and directors from all claims. Judge Walrath said the releases should only pertain to officers and directors who were with the company during some portion of its time in Chapter 11 bankruptcy.

Third, Judge Walrath said she couldn't confirm the plan until NII Holdings produces evidence it received enough creditor votes in support of confirmation to satisfy requirements under the bankruptcy code.

Court papers said Nextel holds about 37% of the $2.3 billion in unsecured notes issued by the company.

NII Holdings is an international wireless communications services provider. The company filed for Chapter 11 protection May 24. Its petition listed assets of $1.24 billion and liabilities of $3.26 billion as of Dec. 31, 2001.

-Marc Hopkins; Dow Jones Newswires; 202-628-7666; [email-masked]

(This story was originally published by Dow Jones Newswires)

Copyright (c) 2002 Dow Jones & Company, Inc.

All Rights Reserved

(AP-DJ-10-24-02 1802GMT) DJONviaNewsEdge

<<Dow Jones Online News -- 10/24/02>>

<< Copyright ©2002 Dow Jones and Company, Inc. >>

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