SAO PAULO: Brazilian telecommunications company Oi SA filed late on Tuesday a new restructuring plan with the Rio de Janeiro court sweetening the terms for bondholders and government credits in a push to get approval in a key creditors meeting on Dec. 19.
Oi said in a statement bondholders will be allowed to trade their debt for up to 75 percent of the carrier_s capital, effectively allowing Oi SA to be taken over by creditors.
A former plan submitted by Oi with approval of its board limited the debt-for-equity swap to 25 percent of the carrier_s capital and was strongly criticized by bondholders.
The company also changed restructuring terms to regulatory agency Anatel credits. The fines will be paid in 20 years, with adjustment by Selic, Brazil_s benchmark interest rate.
Comments
Comments are closed for this article.