Nextel (NXTL)

[Phil(Hot Rod Chevy)]

Matt,

I have a Nextel phone and I love it.

Not good news yesterday though:


Nextel falls 22 percent on warning of large charge at unit
February 19, 2002 12:49:00 PM ET


CHICAGO, Feb 19 (Reuters) - Shares of Nextel Communications Inc. (NXTL), the nation's No. 5 wireless operator, fell 22 percent on Tuesday -- hit hard after the company said its international unit NII Holdings Inc. will have to take a pretax non-cash restructuring charge of $1 billion to $2 billion in 2001.

Nextel fell $1.06 to $3.80 in midday trade on Nasdaq where it was the most actively traded stock on the exchange and a top percentage loser.

NII Holdings Inc. on Friday said in a news release that it expected to record the charge as a result of cash preservation initiatives and proposed debt restructuring. Nextel filed the press release with the Securities and Exchange Commission on Tuesday.

The company said previously that NII was in discussions with various creditors regarding the restructuring of its debt obligations. It said options could include a potential sale of strategic assets, Chapter 11 bankruptcy protection, or other measures.

NII Holdings also said it expected 2001 full year operating revenues of $680 million and an operating cash flow loss of $100 million. It expects fourth quarter revenues of $194 million and a cash flow loss of $4 million. NII said it added 27,400 subscribers during the fourth quarter finishing the year with 1.19 million global proportionate subscribers. REUTERS

© 2002 Reuters

http://news.moneycentral.msn.com/ticker/article.asp?Symbol=US:NXTL&Feed=RTR&Date=20020219&am...

Have fun,
Phil