According to the U.S. Bankruptcy Court docket, NII Holdings filed a second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including July 13, 2015 and September 10, 2015, respectively.
The motion explains, “The Debtors are attempting to restructure approximately $4.35 billion of senior unsecured notes that were issued under five separate indentures between 2009 and 2013 by two separate Debtor entities. This restructuring has been further complicated by allegations regarding certain disputed claims that the First Amended Plan seeks to settle. In addition, NII Holdings is the ultimate parent and holding company for each of the other Debtors and thirty-two non-Debtor affiliates, including the Debtors’ operating companies that operate complex telecommunications businesses in Brazil, Mexico and Argentina and have thousands of employees.”
The motion continues, “Moreover, the Debtors’ restructuring impacts, and in some cases is directly tied to, the modification or amendment of certain local lending agreements and material contracts of the Debtors’ operating companies….This additional extension of 90 days will ensure that the Debtors are able to capitalize on the progress they have made to date towards their goal of successfully reorganizing.”
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