Brazil's Oi submits restructuring proposal to court (updated)

Pharol SGPS SA

12/10/2017 24:34

(Adds details of the restructuring plan) 
    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.  
    The company said in a statement that the plan proposes an 
injection of up to 9 billion reais into the company, including 
at least 6 billion reais in cash and part of the debt-for-equity 
swap. Reuters reported on the proposal on Tuesday.  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/