NII Holdings Inc., the mobile-phone carrier that’s been losing subscribers in Latin America, said it will probably file for chapter 11 protection because it can’t fulfill financial obligations, Bloomberg News reported today. The company’s financial performance, combined with the inability to meet its borrowing terms, means NII is likely to file for bankruptcy, according to a statement yesterday. NII, which offers Nextel mobile-phone service and has units in Brazil, Mexico, Chile and Argentina, has been losing customers as America Movil SAB and Telefonica SA offer faster download speeds for smartphones. Revenue at NII slumped 23 percent in the second quarter, and it reported a net loss of 77,000 subscribers in the period, according to the statement. Shares of the Reston, Va.-based company dropped as much as 62 percent to 25 cents in extended trading. They had plunged 90 percent in the past year through the close of regular trading yesterday.
