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Monday, September 15, 2014

Nextel operator NII Holdings files for Chapter 11 in New York court, (NASDAQ: NIHD)

NII Holdings Inc filed for bankruptcy protection in the United States on Monday as the Nextel operator in Latin America struggles with $5.8 billion in debt and fierce competition in its key markets of Brazil and Mexico. The Reston, Virginia-based company made a voluntary petition for Chapter 11 at a bankruptcy court in the southern district of New York, according to a filing. In the filing, the company said it estimates that funds will be available for distribution to unsecured creditors.

NII Holdings, Inc. (NII Holdings) is a holding company for the operations of Nextel Communications, Inc. Shares of NIHD fell by 15.97% or $-0.0209/share to $0.11. In the past year, the shares have traded as low as $0.11 and as high as $7.32. On average, 7089570 shares of NIHD exchange hands on a given day and today's volume is recorded at 16936506.