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Board of Brazil's Oi approves changes to recovery plan
March 22, 2017 / 11:43 PM / 9 months ago

Board of Brazil's Oi approves changes to recovery plan

SAO PAULO, March 22 (Reuters) - 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)

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