Monday, August 11, 2014

"NII Holdings says may file for bankruptcy" $NIHD

NIHD news:

"Mobile service provider NII Holdings Inc , which operates under the Nextel brand in Latin America, said it may have to file for bankruptcy after reporting its ninth quarterly loss in a row. 'Despite the actions we've taken to improve our operational performance, we have fallen short in our efforts, leaving the company with a liquidity position that is not sufficient to support the business,' Chief Executive Steve Shindler said in a statement. NII, which in March hired financial firms to advise on a potential sale of the company, said it will not be able to continue to operate unless it can 'restructure debt obligations, find a strategic solution or some combination of those approaches.' The company ended the second quarter with a net debt of $4.8 billion. NII's quarterly loss widened to $623.3 million, or $3.62 per share, from $396.4 million, or $2.30 per share, a year earlier. The company lost 77,000 subscribers in the quarter ended June 30. Operating revenue fell 23 percent to $968.8 million."

No comments: