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Board of Brazil's Oi approves changes to recovery plan

SAO PAULO, March 22 The board of Oi SA , the Brazilian phone carrier currently under bankruptcy protection, approved changes to its recovery plan, according to a Wednesday securities filing.

The changes included reducing the grace period on several classes of bonds to a maximum six years and giving creditors rights half of revenue from asset sales and operational cash flow, while guaranteeing a minimum cash position for the company equal to a fifth of net revenue. (Reporting by Brad Haynes; Editing by Sandra Maler)

我们的标准: 汤森路透“信任原则

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