September 15, 2021 – NII Holdings, Inc. (“NII”) today announced that on September 14, 2021 the Court of Chancery of the State of Delaware (the “Delaware Court”) entered an order approving NII’s motion to amend certain reserve amounts and for a first liquidating distribution (the “Updated Distribution Motion”).
As previously announced, on September 9, 2021, NII filed the Updated Distribution Motion seeking approval from the Delaware Court to make an initial liquidating distribution of up to $200.1 million. See www.nii.com for a copy of the Updated Distribution Motion. On September 14, 2021, the Delaware Court entered an order approving NII’s request to make an initial liquidating distribution of up to $200.1 million to its stockholders. As a result, on September 14, 2011, NII’s Board of Directors declared a liquidating distribution to its stockholders of record as of September 20, 2021, in the aggregate amount of $199.6 million (or $1.91 per share) (the “First Liquidating Distribution”).
NII will make the First Liquidating Distribution as soon as possible and will provide further updates once the First Liquidating Distribution has been processed.
Based on currently available information, NII currently estimates that the total amount of liquidating distributions that will be made to NII’s stockholders during the course of the dissolution (including the First Liquidating Distribution) will be between $2.41 and $2.60 per share (which equates to $0.50 to $0.69 per share of additional distributions after the payment of the First Liquidating Distribution). The low end of the range includes a reserve of $0.04 per share for additional tax, accounting and legal costs, as well as potential personnel costs that may need to be incurred in connection with the dissolution process, and a reserve of $0.03 per share for potential unknown claims.
There can be no assurance as to the timing or amount of any additional distributions that NII may make as part of the dissolution process. The timing of distributions and ultimate amount distributable to stockholders will depend on factors outside of NII’s control, including, among other things, the amount of cash recovered from the Mexico Escrow Account, and could vary from NII’s current estimates. Also, NII cannot predict the impact, if any, of the Covid-19 pandemic on the timing of future distributions, and it is possible that delays could result.
About NII Holdings, Inc.
Visit NII Holdings’ website at www.nii.com.
NII Holdings, Inc.
1405 S Fern Street, #93001
Arlington, VA 22202
(703) 390-5100
www.nii.com
Investor Relations:
Tim Mulieri
timothy.mulieri@nii.com