NII Holdings Announces Quarterly Results
Tuesday, November 05, 2019 | Comments

NII Holdings announced its financial results for the third quarter of 2019. For the quarter, the company reported a $7 million loss from continuing operations and a $28 million loss from discontinued operations.

Nextel Brazil's capital expenditures were $12 million for the quarter.

During the third quarter, the company contributed capital of $24.3 million to Nextel Holdings, the partnership entity that owns Nextel Brazil, to partially fund a scheduled debt repayment under Nextel Brazil's license financing. AI Brazil did not make any additional capital contributions. As a result, the company's equity ownership in Nextel Holdings increased to 72.43% as of Sept. 30.

On Sept. 30, the company received the required approval from the ANATEL, Brazil's telecommunications regulatory agency, for the sale of NII Brazil Holdings, which owns the company's interest in Nextel Holdings and indirectly owns Nextel Brazil, to América Móvil on the terms and conditions of the agreement in March.

The company also received the required approval from CADE, Brazil's national competition regulator; however, there was an appeal. The CADE board is reviewing the objection and is required to rule on the merits of the appeal by Jan. 26. The parties to the sale transaction are working to close this appeal as quickly as possible.

The company ended the quarter with $29 million of unrestricted cash, excluding $52 million reported in cash and investments held for sale. In addition, the company ended the quarter with $103 million of cash held in escrow.

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