CEO of Brazil's Oi resigns as restructuring vote nears -shareholder (updated)

Pharol SGPS SA

24/11/2017 20:51

(Recasts to include confirmation by Oi shareholder, context) 
    By Tatiana Bautzer, Gram Slattery and Daniel Alvarenga 
    SAO PAULO/LISBON, Nov 24 (Reuters) - Brazilian 
telecommunications firm Oi SA's  OIBR4.SA  chief executive has 
resigned, a spokeswoman for Oi's largest shareholder said on 
Friday, two weeks before crucial talks in Latin America's 
biggest-ever bankruptcy proceedings. 
    A spokeswoman for Portugal's Pharol SGPS SA  PHRA.LS , which 
owns about 27.5 percent of Oi's voting shares and is part of a 
controlling shareholder bloc, said it had been informed of Marco 
Schroeder's resignation. 
    Telecoms regulator Anatel had threatened to intervene in the 
carrier if it changed management. However, a government source, 
who spoke on condition of anonymity, said on Friday Schroeder's 
departure did not make intervention more likely.  urn:newsml:reuters.com:*:nL2N1N12XP 
    The government source, who requested anonymity due to the 
sensitivity of the issue, said that talks to bring the 
debt-laden carrier out of bankruptcy protection will continue 
under new management. 
    An Oi spokeswoman declined to comment. Three sources with 
knowledge of the situation told Reuters earlier on Friday that 
Schroeder had offered to resign. 
    Oi is two weeks away from a crucial creditor vote on a 
proposal to restructure 65 billion reais ($20 billion) of debt, 
with creditors and shareholders fighting over vastly different 
proposals for Brazil's biggest fixed-line phone company. 
 urn:newsml:reuters.com:*:nL1N1NR02U 
    The negotiations, which started 17 months ago, have created 
divisions between management and board, which have at times 
pushed differing plans to lift Oi out of bankruptcy protection. 
 urn:newsml:reuters.com:*:nL2N1N71LS 
    ($1 = 3.23 reais) 
 
 (Reporting by Tatiana Bautzer and Gram Slattery in Sao Paulo, 
Daniel Alvarenga in Lisbon; Additional reporting by Leonardo Goy 
in Brasilia; Editing by Brad Haynes and Susan Thomas) 
 ((gram.slattery@thomsonreuters.com;)(+55 11 5644 7714)) 
 
Keywords: OI SA RESTRUCTURING/