U.S. Bankruptcy Court Confirms NII Holdings Plan Of Reorganization

(RTTNews) - NII Holdings, Inc. (NIHDQ) announced that the United States Bankruptcy Court entered an order confirming the Plan of Reorganization relating to the Company and certain of its wholly-owned subsidiaries that previously sought Chapter 11 protection. The Plan is expected to become effective as soon as practicable subject to the satisfaction of the conditions to emergence specified in the Plan.

The Bankruptcy Court's confirmation of the Plan sets the stage for the Company's emergence from the Chapter 11 bankruptcy process that was commenced on September 15, 2014.

The Plan strengthens the Company's balance sheet by restructuring $4.35 billion in senior unsecured notes issued by subsidiaries that were part of the bankruptcy proceedings.

Under the Plan, holders of that debt will receive a combination of cash and common stock of the reorganized company in varying amounts based on the series of senior notes held.

The new common stock to be issued under the Plan is also expected to begin trading on the NASDAQ Stock Exchange under ticker symbol "NIHD" shortly after emergence.