SAO PAULO, Nov 22 (Reuters) - A group of Oi SA bondholders led by Moelis & Co has petitioned a Brazilian court to force the debt-laden Brazilian phone carrier to provide access to information needed to move ahead with an in-court reorganization, the largest in the country’s history.
In a statement on Tuesday, the group said the petition resulted from Oi’s reluctance to renegotiate 41.2 billion reais ($12 billion) in debt. The petition would force Oi to answer a questionnaire put forward by the creditors, the statement said.
The recovery plan that Oi presented on Sept. 5 is designed to protect the interests of the carrier’s main shareholders at the expense of creditors, Moelis and law advisory firms Cleary Gottlieb Steen and Hamilton LLP and Pinheiro Neto Advogados said in the statement.
Oi’s press office did not immediately comment on the statement.
The Moelis-led group is fighting back a week after some former members joined another bondholder group to negotiate collectively with the carrier. The rifts among creditors and shareholders of Oi have delayed the resolution of the company’s bankruptcy protection case, fanning speculation of a potential government intervention.
$1 = 3.3318 reais Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn