Bankrupt NII Clears First-Day Motions As Creditors Dig In

Law360, New York (September 16, 2014, 8:33 PM EDT) -- NII Holdings Inc. cleared a series of first-day motions in New York bankruptcy court Tuesday as attorneys for the Nextel-brand wireless service provider and two competing bondholder groups pledged to continue negotiating a consensual restructuring of its $4.6 billion debt.

U.S. Bankruptcy Judge Shelley C. Chapman gave NII interim permission to continue paying employees, taxes and intercompany obligations while under court protection, subject to certain caps. NII filed for Chapter 11 on Monday after a year of unprecedented losses in its two key markets, Brazil and Mexico, where it has struggled to replace its dated wireless infrastructures with 3G networks that...

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