Reuters logo
Brazilian regulatory body suggests changes to Oi restructuring plan - source
November 22, 2017 / 11:34 AM / in 19 days

Brazilian regulatory body suggests changes to Oi restructuring plan - source

BRASILIA, Nov 22 (Reuters) - The studies division of Brazilian telecoms regulator Anatel has suggested modifications to a restructuring plan proposed by the board of debt-laden carrier Oi SA, a source with knowledge of the situation told Reuters late on Tuesday.

According to the source, who requested anonymity because the matter is private, the division proposed that fees paid to bondholders who agree to inject capital into the carrier only be paid when the capital increase occurs, rather than beforehand.

Under the board’s proposed restructuring plan, Reuters earlier reported, creditors that inject capital into the carrier could stand to earn fees of up to 500 million reais ($153 million), some of it upfront.

The suggestions of the studies division will now be sent to the board of Anatel, which will deliberate further, the source said, adding Oi will hold a board meeting on Wednesday morning.

Earlier in November, the board of Oi, which filed for bankruptcy protection 17 months ago, revealed its official restructuring proposal in a securities filing. However, Anatel demanded the company submit the plan to the regulator for review before filing it with a bankruptcy court.

Oi and Anatel did not immediately respond to requests for comment.

$1 = 3.26 reais Reporting by Leonardo Goy; Writing by Gram Slattery; Editing by Brad Haynes and Mark Potter

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below