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VIV - Telefonica Brasil SA News Story

$7.98 0.2  2.7%

Last Trade - 05/03/21

Sector
Telecoms
Size
Large Cap
Market Cap £13.02bn
Enterprise Value £13.97bn
Revenue £5.48bn
Position in Universe 617th / 6651

Brazil's Oi approves reorganization plan, paves way for asset sales

Wed 9th September, 2020 12:18pm
SAO PAULO, Sept 9 (Reuters) - Creditors of Brazilian telecom
carrier Oi SA  OIBR4.SA , which is operating under bankruptcy
court supervision, late on Tuesday approved amendments to its
reorganization plan that will allow the sale of certain of its
assets, according to securities filings. 
    Proceeds from the sale of Oi units including its wireless
telephone business, data center operations and other telecom
infrastructure will be used to repay lenders and make
investments in the company, according to the filings.
    TIM Participações  TIMP3.SA , Telefônica Brasil  VIVT4.SA 
and Claro SA, owned by América Móvil  AMXL.MX , have been in
talks with Oi to acquire its wireless business. They made a
joint bid of 16.5 billion reais ($3.08 billion) for the unit and
the assets associated with it, according to public disclosures.
    In the creditors' meeting held on Tuesday to discuss
amendments to the Oi's reorganization plan, the company proposed
that their joint bid received "stalking horse" status. 
    That meant that if approved by the creditors, the amended
reorganization plan would give bidders the right to top any
other bids during the competitive process for the targeted
assets.  urn:newsml:reuters.com:*:nFWN2G50HD 

($1 = 5.3615 reais)

 (Reporting by Ana Mano, editing by Louise Heavens)
 ((ana.mano@thomsonreuters.com; Tel: +55-11-5644-7704; Mob:
+55-119-4470-4529; Reuters Messaging:
ana.mano.thomsonreuters.com@reuters.net))
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