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NII Holdings may file for bankruptcy

2014-08-12 08:58:00| Telecompaper Headlines

(Telecompaper) Latin American mobile operator NII Holdings said it expects to file for bankruptcy, after its weak financial performance led it to breach a number of covenants with lenders. It plans to file for Chapter 11 bankruptcy protection in the US, after which it can consider various strategic options and a possible restructuring of its debt with noteholders,  In the second quarter, the group reported a net loss of USD 629 million on revenues of USD 969 million, down 23 percent year-on-year. NII spent USD 123 million on capital equipment in the quarter. After a cash outflow of USD 919 million in the period, NII finished the period with net debt of USD 4.8 billion. The subscriber base fell by another 77,000 in the three months for a total 9.4 million at the end of June, down 6 percent from a year ago. 

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