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

From: Marcel <[email-masked]>
Date: Thu, 24 Oct 2002 15:21:31 -0400

http://biz.yahoo.com/djus/021024/1417000837_1.html

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NII Holdings Gets More Time From Court For Turnaround Plan
Thursday October 24, 2:17 pm ET

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.

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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. , 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]

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