Und noch was: Argentine crisis threatening to push Nextel's global unit into ban

verfasst von marsch, 04.01.2002, 16:16

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<td><font size=5>Argentine crisis threatening to push Nextel's global unit into bankruptcy</font>

By Bloomberg News

WASHINGTON — Nextel Communications' international wireless-phone unit missed an $8.3 million principal payment to banks amid the Argentine economic crisis and said it may file for bankruptcy protection.
The unit, NII Holdings, said it will review possible asset sales or reorganization under Chapter 11 bankruptcy after its Argentine subsidiary missed the payment Monday. It hired Houlihan Lokey Howard & Zukin Capital as financial adviser, according to a U.S. Securities and Exchange Commission filing.

Reston, Va.-based Nextel, the U.S. mobile-phone company controlled by billionaire Craig McCaw, gets 5 percent of its sales from NII, said W.R. Hambrecht analyst Peter Friedland. NII sells wireless service in Latin American countries that have been hurt by turmoil in Argentina, which has had five presidents in two weeks and plans to devalue its currency.

NII, formerly known as Nextel International, said it's in discussion with the lenders regarding a restructuring of its obligations. The unit is also negotiating a restructuring of obligations with bondholders, the filing said.

"The international unit has faced a lot of difficulties," Friedland said."A lot of it has to do with the economic woes in Latin America." A bankruptcy filing may benefit Nextel by eliminating funding requirements, said Friedland, who has a"buy" rating on Nextel stock and doesn't own the shares.

Nextel owns more than 95 percent of NII, said Nextel spokeswoman Elizabeth Brooks. NII has $500 million in secured debt, said spokesman Mario Carotti. It had $1.8 billion of total debt at the end of last year, Friedland estimated.

In March, Nextel scrapped plans to sell shares in the international unit after telecommunications stocks plunged. NII sells wireless service in Argentina, Brazil, Mexico and other developing countries.



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gesamter Thread:

• Bankruptcy record set in'01 - marsch, 04.01.2002, 16:10
  • Und noch was: Argentine crisis threatening to push Nextel's global unit into ban - marsch, 04.01.2002, 16:16
  • Uuuund noch einer: Spaniens Banken torkeln beim Tango - marsch, 04.01.2002, 16:50
  • Und der Letzte: Argentinien-Krise trifft auch viele deutsche Kleinanleger - marsch, 04.01.2002, 17:01
    • Re: Das Letzte: Argentinien-Krise trifft auch viele deutsche Kleinanleger - riwe, 04.01.2002, 17:27
      • Re: Das Letzte: Argentinien-Krise trifft auch viele deutsche Kleinanleger - JüKü, 04.01.2002, 17:56
        • Re: Das Letzte: Argentinien-Krise trifft auch viele deutsche Kleinanleger - mrjohns, 04.01.2002, 21:48
          • Re: Das Letzte: Argentinien-Krise trifft auch viele deutsche Kleinanleger - JüKü, 04.01.2002, 23:06
          • Re: Das Letzte: Argentinien-Krise trifft auch viele deutsche Kleinanleger - Euklid, 05.01.2002, 00:05