NII Holdings, Inc. (NASDAQ: NIHD) said that is has elected not to pay approximately USD118.8m in interest due on August 15, 2014 on senior notes issued by its subsidiaries NII Capital Corp. and NII International Telecom, S.C.A.
Under the terms of the indentures for the senior notes, there is a 30-day grace period during which the company may elect to make the interest payments and cure any potential non-payment claims.
As previously disclosed, the company continues to engage in discussions regarding the potential terms on which the obligations evidenced by those senior notes could be restructured, including by exchanging all or a portion of the senior notes for equity interests in, or debt securities of, the reorganized company.
NII Holdings, Inc., a publicly held company based in Reston, Va., is a provider of differentiated mobile communication services for businesses and high value consumers in Latin America. Visit the company´s website at www.nii.com.