as nasdaq nihd industry wireless services predecessor nextel 1 founded 1995 2 headquarters reston virginia united states area served brazil key people steve shindler ceo products high speed networks two way messaging push to talk revenue usd 6.746 billion number of employees 16 089 subsidiaries nextel brazil website www.nii.com nii holdings inc. formerly nextel international is an american holding company that through its subsidiary nextel telecomunica es ltda . provides mobile communications services under the nextel brand in brazil . 3 nii operates iden 3g umts hsdpa and 4g lte networks in brazil . in 2012 for the third consecutive year nii holdings ranked in the fortune 500 and barron s 500 lists . nii also has been named one of the best places to work among multinationals in latin america by the great place to work institute . 4 nii went through bankruptcy in 2014 and 2015 . 5 contents 1 history 1.1 divestiture of minority interest 1.2 first bankruptcy and reorganization 1.2.1 discontinuation and divestiture of nextel philippines 1.3 quarterly report amendments 1.4 agreement with televisa 1.5 divestiture of nextel peru and chile 1.6 second bankruptcy and reorganization 1.6.1 decline and mismanagement 1.6.2 defaulting on bonds 1.6.3 divestiture of mexican assets 2 post bankruptcy 2.1 sale of nextel argentina 3 wireless operations 3.1 wireless networks 4 references 5 external links history edit nii originally launched as the international business unit of nextel communications 6 as mccaw international in 1995 . later nextel changes its name to nextel international in 1997 . 7 nextel international changed its name to nii holdings in 2001 8 divestiture of minority interest edit in china nii holdings had to sell its minority interest in shanghai cct mccaw telecommunications systems co. ltd in march 2000 because china unicom informed nii holdings that its minority share of twelve percent had to be terminated because its financing structure was no longer permitted by chinese regulations . 9 due to unfavorable market conditions nii holdings sold their twenty one percent minority interest 10 of nexnet co nextel japan to motorola for 10 million in exchange for forgiveness of debt owed to motorola in 2001 11 nii holdings also sold their fourteen percent minority interest in telus 10 for 196 million dollars also in the year 2001 11 first bankruptcy and reorganization edit nii holdings filed its first chapter 11 bankruptcy on may 2002 . the road to bankruptcy started when nii holdings nextel argentina operating company failed to make a principle payment of 108 million in december 2001 . in february 2002 nii holdings failed to make a 41 million dollar interest payment on a 650 million dollar bond as well in order to preserve cash while it restructured its debts and implemented a revised business plan . 12 nii holdings exited from bankruptcy in on november 12 2002 with nextel owning 36 % of the restructured company . 12 following its bankruptcy restructuring nii holdings begins trading a nii on nasdaq as nihd . 7 in 2003 discontinuation and divestiture of nextel philippines edit nextel philippines started operations in 1995 . but due to poor operating performance being in violation of philippine ownership laws as well as an attempt to save cash nii holdings decided to stop funding its nextel communications philippines inc operations at the end of fiscal year 2001 . 13 by the end of the fourth quarter of the fiscal year 2002 nii holdings sold its 59.1 % share in nextel philippines with its fifty three thousand eight hundred subscribers for 23.5 million 14 to the the velarde group called next mobile 15 quarterly report amendments edit on october 27 2004 nii amended its 2003 annual report on form 10 k and its quarterly reports on form 10 q for the first and second quarters of 2004 to restate its financial statements to correct the errors in the periods in which they originated as soon as practical . 16 on march 7 2005 the company said it would restate financial statements for the entirety of 2003 and the first nine months of 2004 after finding accounting errors . 17 agreement with televisa edit in february 2010 nii holdings and grupo televisa signed a definitive agreement under which televisa would have acquired an equity stake in nextel mexico . under the agreement televisa would have invested 1.44 billion in cash for an initial 30 % equity stake in nextel mexico which implies nextel mexico s pre investment value at 4.3 billion . 18 on october 19 2010 however vice president and coo in mexico gustavo cantu announced the partnership had been terminated by mutual agreement . more recently cantu spoke about the future of content and telecommunications in mexico . 19 divestiture of nextel peru and chile edit in august 2013 nii holdings completed the sale of nextel peru to entel . 20 for 400 million dollars 21 in august 2014 nii holdings sold nextel chile to fucata s.a 20 second bankruptcy and reorganization edit on january 26 2015 it was announced that at & t had entered into an agreement with nii holdings inc. to acquire its wireless business in mexico for us 1.875 billion less the outstanding net debt of the business at closing in a transaction pursuant to section 363 of the u.s. bankruptcy code . decline and mismanagement edit the road to bankruptcy is one that was due to the arrogance to of nii holdings mexican executives . nextel mexico president peter foyo started a trend for other executives to live in other states where nextel had no corporate presence . nextel s president lived in cancun quintana roo . 22 in december 2013 peter foyo was ousted from the company 23 nextel mexico also reacted too slow to sprint s announcement of that it was shutting down its iden network in 2012 . 22 sprints iden shutdown eliminated nextel s mexico main competitive advantage which was free calls to the united states . after sprint shutdown its iden network many regions of northern mexico lost coverage that was provided by sprint via roaming agreements . this resulted in a loss of one million subscribers the following quarter ; leaving nextel mexico with only 2.93 million subscribers . 24 after nextel mexico coverage degraded due to sprint s iden shutdown nextel mexico also delayed the deployment of the 30mhz of spectrum that it acquired in the 1.7 and 2.1 ghz bands in 2010 resulting in additional subscriber losses in mexico . 24 nii named john mcmahon president and gustavo cantu remained as coo after peter foyo was dismissed . gustavo cantu left the company the next year to join new york life as it s coo for mexico . defaulting on bonds edit due to falling subscriber count in mexico and mounting debt of us 5.8 billion nii holdings opted to not pay 118.8 million in interest obligations on senior notes that were due on august 15 2014 . 25 on september 15 2014 nii filed for bankruptcy protection 26 after losing 77 thousand subscribers and 629 million in the previous quarter . divestiture of mexican assets edit on april 30 2015 nii holdings finalized the sale of nextel mexico of which it held control for 18 years for us 1.875 billion . nii holdings ended up with us 1.448 billion in net proceeds after paying off a defaulted debt balance of 350.5 million to repay in full the outstanding principal and accrued interest due under its debtor in possession loan that it borrowed in march 2015 . 27 post bankruptcy edit nii holdings exited bankruptcy with court approval on june 29 2015 . 28 where it offered 100 million shares of new common stock and 745 million in cash to its debt holders under its old stock ticker nihd . in september of the same year nii holdings announced that they sold forty nine percent of nextel argentina to grupo clarin further reducing their operations in the argentinian market in order to support their growing brazilian operations . 29 sale of nextel argentina edit on january 29 2016 nii holdings completed selling its remaining shares of nextel argentina to clar n group . 30 wireless operations edit currently nii holdings operates nextel brazil offering post paid wireless voice and data services wireless networks edit nextel brazil operates the following network radio frequency range band number generation radio interface status 800 mhz esmr n a 2g iden active 1800 mhz n a 2g gsm active 2100 mhz 1 3g umts active 800 mhz 27 4g lte planned 31 1800 mhz 3 4g lte currently deploying references edit http www.nii.com aboutus.html about nii http finance.yahoo.com q pr s nihdq profile nii holdings about us http www.nii.com careers nii holdings announces agreement on reorganization plan . virginia business . 2014 11 25 . retrieved 2015 01 11 . http www.nii.com aboutus.html about nii holdings inc a b http www.nextelinternational.com docs nii holdings timeline 062112.pdf http www.businessweek.com it100 2005 company nihd.htm nii holdings . 10 year fiscal year 1999 2 . shanghai peoples republic of china negotiations . . edgar online . nii holdings . retrieved 20 april 2015 . a b nii holdings . fiscal year 1999 item 1 . business . edgar online . nii holding . retrieved 20 april 2015 . a b nii holdings . form 10k ; fiscal year 2001 . edgar online . nii holdings . retrieved 20 april 2015 . a b nextel communications inc. form 10 k fiscal year 2002 . sec edgar online . retrieved 19 may 2015 . nii holdings . form 10 k fiscal year 2001 . edgar online . nii holdings . retrieved 18 may 2015 . nii holdings . form 10k fiscal year 2002 . yahoo edgar online . nii holdings . retrieved 18 may 2015 . http www.philstar.com business 192199 next mobile partners nextel philippines nii holdings completes its review of nextel mexico bookkeeping errors and announces plans to amend certain prior period filings ; the cumulative effect is a 3.4 million understatement of income before taxes and a 2.1 million overstatement of operating income related to prior periods ; correction of the errors will not impact third quarter results . nii holdings to restate 2003 2004 results . . http www.businessweek.com news 2010 02 11 televisa purchase of nii holdings stake gets approval update1 . html cantu bauer morin on mexico telecommunications . bloomberg . a b nii holdings . form 10k fiscal year 2014 . nii holdings investor relations . nii holdings . retrieved 20 april 2015 . harrison crayton 5 april 2013 . nii gains on 400 million sale of peru division to entel . bloomberg.com . bloomberg . a b http www.cnnexpansion.com expansion 2014 09 23 nextel del ascenso a la estrepitosa caida http m.cnnexpansion.com negocios 2013 12 17 nextel mexico cambia a su presidente a b http www.cnnexpansion.com negocios 2014 08 12 nextel como perdio 1 millon de clientes http seekingalpha.com news 1938895 nii holdings defaults on debt checkler joseph ; brickley peg 15 september 2014 . nii holdings files for chapter 11 bankruptcy protection . the wall street journal . http phx.corporate ir.net phoenix.zhtml c 137178 & p irol newsarticle & id 2042716 http www.totaltele.com view.aspx id 490405 http www.cellular news.com story business 68049.php http radioresourcemag.com news newsdetails newsid 13880 http convergenciadigital.uol.com.br cgi cgilua.exe sys start.htm infoid 37007 & sid 17 . vv0mtf7n8 4 external links edit companies portal nii holdings inc. nextel brazil v t e brazilian mobile phone companies claro oi tim vivo minor operators algar celular nextel sercomtel celular retrieved from https en.wikipedia.org w index.php title nii holdings & oldid 737448248 categories companies formerly listed on nasdaqtelecommunications companies of brazilcompanies based in reston virginiamobile phone companies of brazilholding companies of brazil navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout 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