NII Holdings, Inc. announced that it has satisfied the conditions to the effectiveness of the First Amended Joint Plan Of Reorganization (the "Plan") of the company and certain of its subsidiaries that was confirmed by the United States Bankruptcy Court for the Southern District of New York on June 19, 2015 and has successfully emerged from its Chapter 11 reorganization proceedings.

"This is an important day for NII Holdings and all of our creditors, employees and customers," said Steve Shindler, NII Holdings' chief executive officer. "Working through the reorganization process has been challenging for all of our stakeholders, but we have emerged as a more streamlined and focused organization with a strong balance sheet and a healthy liquidity position.  We will concentrate our future investments in Brazil where we see a promising long-term growth opportunity, while remaining focused on reducing expenses and maintaining a lean cost structure. We believe this is the best long-term strategy to create value for our stakeholders."

Under the Plan, a new Board of Directors of NII consisting of seven directors was created at the time the Plan became effective.  Currently the directors include CEO Steven Shindler, Kevin Beebe, James Continenza, Howard Hoffmann, Ricardo Knoepfelmacher and Christopher Rogers with one director vacancy that is expected to be filled in coming weeks. 

Under the Plan, approximately 100 million shares of NII Holdings' new common stock and $745 million in cash will be distributed to holders of senior notes issued by the company's subsidiaries, NII Capital Corp. and NII International Telecom S.C.A.  The company has applied to list the shares of NII Holdings' new common stock on the NASDAQ Stock Exchange.  It is expected that the conditions to that listing will be satisfied in coming weeks, at which time the shares are expected to trade under its former ticker symbol "NIHD". Pending the completion of this listing process, the shares of NII Holdings new common stock are expected to be traded on the over-the-counter (OTC) market. Shares of NII Holdings' common stock outstanding at the time the bankruptcy proceedings commenced have been canceled and holders of those shares will receive no distributions under the Plan.

The company is expecting to host a quarterly conference call to announce its second quarter results in August. The company does not plan to issue financial guidance or other information regarding its projected financial results other than that reported in its SEC Filings.

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.