NII Holdings
[14] NII Holdings sold its 12% minority interest in Shanghai CCT-McCaw Telecommunications Systems Co., Ltd in March 2000, after it was informed by China Unicom that its financing structure was no longer permitted by Chinese regulations.[20] By the end of the fourth quarter of the fiscal year 2002, NII Holdings sold its 59.1% share in Nextel Philippines with its 53,80 subscribers for $23.5 million[21] to the Velarde group Next Mobile.[citation needed] In a 2014 article on problems leading to Nextel Mexico's bankruptcy, CNN interviewed employees noting a lack of corporate accessibility.[29] Sprint's iDEN shutdown eliminated Nextel Mexico's main competitive advantage, which was free calls to the United States.[citation needed] On April 30, 2015, NII Holdings finalized the sale of Nextel Mexico, of which it held control for 18 years, for $1.875 billion.NII Holdings ended up with $1.448 billion in net proceeds after paying off a defaulted debt balance of $350.5 million, seeking to repay in full the outstanding principal and accrued interest due under its debtor-in-possession loan that it borrowed in March 2015.[37] Currently NII Holdings operates Nextel Brazil offering post paid wireless voice and data services.