NII Holdings, Inc. announced that the United States Bankruptcy Court for the Southern District of New York has entered an order confirming the Plan of Reorganization (the "Plan") relating to the Company and certain of its wholly-owned subsidiaries that previously sought Chapter 11 protection.

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, which had broad support of all classes of creditors of the Company and its subsidiaries, is expected to become effective as soon as practicable subject to the satisfaction of the conditions to emergence specified in the Plan.

"We appreciate the support our Plan received from our creditors and the Court's decision to approve it," said Steve Shindler, NII Holdings' chief executive officer. "We are excited to emerge from the bankruptcy process as a streamlined organization that is focused on capturing opportunities to drive growth and profitability in Brazil. While we currently face some challenging macroeconomic and operating conditions there, we are confident the completion of our reorganization addresses the issues relating to our capital structure and liquidity, and positions us to take advantage of our unique value proposition and high quality network to compete effectively in the market."

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 the Company's former ticker symbol "NIHD" shortly after emergence.

NII Holdings, Inc. is a provider of differentiated mobile communication services for businesses and high value consumers in Latin America. NII Holdings, operating under the Nextel brand in Brazil and Argentina, offers fully integrated wireless communications tools with digital cellular voice services, data services, wireless Internet access and Nextel Direct Connect® and International Direct Connect SM, a digital two-way radio.