Brazil's Oi delivers restructuring proposal to court

Pharol SGPS SA

11/10/2017 23:42

BRASILIA/RIO DE JANEIRO, Oct 11 (Reuters) - Brazilian phone 
carrier Oi SA on Wednesday submitted a plan to cut its 65.4 
billion-real ($21 billion) debt burden to a commercial court.  
    The plan was approved by the company's board, and creditors 
of the largest-ever bankruptcy proceeding in Latin America will 
vote on it on Oct. 23.  
    Reuters reported on Tuesday that the plan includes a 
proposal to inject 9 billion reais into the carrier, part of it 
through a debt-for-equity swap.  urn:newsml:reuters.com:*:nL2N1ML1HQ 
    The reorganization began a year and a half ago and has been 
marked by disputes between shareholders led by Pharol SGPS SA 
 PHRA.LS  and Societé Mondiale FIA, and bondholders represented 
by the Ad Hoc Group of Bondholders and the International 
Bondholder Committee. 
 
 (Reporting by Leonardo Goy in Brasilia and Rodrigo Viga Gaier 
in Rio de Janeiro; Writing by Tatiana Bautzer; Editing by 
Cynthia Osterman) 
 ((tatiana.bautzer@tr.com; Tel: +55-11-5644-7756; Mob: 
+55-119-4210-4173; Reuters Messaging: 
tatiana.bautzer.thomsonreuters.com@reuters.net)) 
 
Keywords: OI SA RESTRUCTURING/