NII Holdings -52.7%; company thinks Chap. 11 filing likely

"Despite the actions we've taken to improve our operational performance, we have fallen short in our efforts, leaving the Company with a liquidity position that is not sufficient to support the business," says NII (NASDAQ:NIHD) CEO Steve Shindler.

NII declares it will "likely find it necessary to file a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in order to implement a restructuring of its obligations."

The Latin American carrier ended Q2 with $1B in cash/investments, and $5.8B in debt.

77K subscribers were lost in Q2, lowering the total base to 9.4M. ARPU fell to $28 from $29 in Q1 and $36 a year ago. Cost per gross add rose to $296 from $290 in Q1 and $276 a year ago. Churn was 3.39% vs. 3.42% in Q1 and 2.67% a year ago.

Q2 results, PR

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