Nextel 4th-Quarter Loss Widens on Write-Down
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Nextel Communications Inc., the mobile-phone company controlled by Craig McCaw, had a wider fourth-quarter loss after a $1.6-billion write-down on assets in an international unit that may seek bankruptcy protection.
The loss attributable to shareholders was $1.8 billion, or $2.25 a share, from $61 million, or 8 cents, a year earlier, Nextel said in a filing with the Securities and Exchange Commission.
The international unit, NII Holdings Inc., said in January that it may file for bankruptcy protection after missing an $8.3-million payment to banks. NII was buffeted as Argentina defaulted on $95 billion in bonds and devalued its currency.
Nextel said last month that its fourth-quarter U.S. loss widened to $127 million from $42 million. Nextel delayed reporting full results until determining charges for the asset write-down, then estimated at $1 billion to $2 billion.
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