Subject: [NEXTEL-1] NII Hldgs Brazil Contingency Up; Doesn't See Loss

From: [email-masked]
Date: Mon, 18 Aug 2003 06:23:19 -0400

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NII Hldgs Brazil Contingency Up; Doesn't See Loss
Friday August 15, 12:44 pm ET

WASHINGTON -(Dow Jones)- NII Holdings Inc. (NasdaqNM:NIHD - News) said there was an increase
in the amount of contingency for possible losses related to disputed tax claims
against its Nextel Brazil subsidiary to a range of $45 million to $50 million,
according to the company's quarterly report filed Thursday with the Securities
and Exchange Commission (News - Websites).

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Earlier this year, NII reported a potential Brazilian tax contingency of $27
million to $31 million related to these disputed assessments. Nextel Brazil said
it has appropriately reserved for probable losses in the matter.
Nextel Brazil has received tax assessment notices from state and federal
Brazilian tax authorities asserting deficiencies in tax payments primarily
related to value-added taxes and import duties based on the classification of
equipment and services.
Nextel Brazil has filed petitions disputing the assessments, the filing said.
In some cases, Nextel Brazil has received favorable decisions that are being
appealed by the respective governmental authority.
In other cases, Nextel Brazil's petitions have been denied and the subsidiary
is appealing those decisions. Nextel Brazil is also disputing unspecified claims
that aren't related to taxes.
In addition, Nextel Brazil has filed a lawsuit against the Brazilian
government disputing the legality of an increase in some social contribution tax
rates.
Also in the filing, NII said it entered into an agreement with Motorola Credit
Corp. July 29 to retire its $103.2 million Brazil equipment financing plus
accrued and unpaid interest by Sept. 26.
The company said it agreed to pay $86 million from the proceeds of a proposed
public offering and retire $100 million of the $225 million international
equipment financing by Dec. 31.
A $100 million prepayment of international equipment financing secured by NII
Holdings Inc. from Motorola Credit Corp. is a condition to NII's right to
retire the credit facility at a discount, according to the company's quarterly
report released Thursday.
The company said the discount won't be recognized as a gain until the $100
million prepayment occurs.
NII provides wireless communication services in Latin America through its
Nextel brand.
-By Chad Clinton, Dow Jones Newswires; 202-862-1349; [email-masked]

Corrected August 15, 2003 17:29 ET (21:29 GMT)
NII Holdings Inc. said there was an increase in the amount of
contingency for possible losses related to disputed tax claims against its
Nextel Brazil subsidiary to a range of $45 million to $50 million, according to
the company's quarterly report filed Thursday with the Securities and Exchange
Commission.
Earlier this year, NII reported a potential Brazilian tax contingency of $27
million to $31 million related to these disputed assessments. Nextel Brazil said
it has appropriately reserved for probable losses in the matter.
(An item published at 12:44 p.m. EDT incorrectly reported that NII Holdings'
Nextel Brazil unit expected to post losses of $45 million to $50 million.)

A $100 million prepayment of international equipment financing secured by NII
Holdings Inc. from Motorola Credit Corp. is a condition to NII's right to
retire the credit facility at a discount, according to the company's quarterly
report released Thursday.
The company said the discount won't be recognized as a gain until the $100
million prepayment occurs.
(An item published Friday at 12:44 p.m. EDT incorrectly reported that the
discount wouldn't be recorded as a gain if prepayment occurred.)

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