A financial adviser to NII Holdings' creditors testified yesterday that the bankrupt wireless operator's $4.35 billion restructuring plan is good for all creditors, including those who oppose it, Reuters reported yesterday. Andrew Scruton of FTI Consulting took the stand on the fifth day of a trial over a plan by NII, which operates the Nextel brand in Brazil, to hand control of the company to Aurelius Capital Management and other holders of $4.35 billion in debt. The plan, which needs the approval of Bankruptcy Judge Shelley Chapman, is supported by most creditors, but opposed by a bondholder faction known as the CapCo group. It alleges that Aurelius and other powerful holders designed the plan themselves as a sweetheart deal, costing CapCo $150 million, more than a third of its total payout. Scruton, who advised NII's unsecured creditors' committee, said that the deal will benefit the CapCo group.
