Oi&#039s major creditors demand assembly to renegotiate personal debt system

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A group of bondholders that are Oi SA’s major creditors demanded on Sunday that the firm’s leading executives meet up with them as quickly as attainable to renegotiate a personal debt system.

The headquarters of the Brazil’s major preset-line telecoms group Oi, is pictured in Rio de Janeiro, Brazil, June 22, 2016. REUTERS/Sergio Moraes

SAO PAULO: A group of bondholders that are Oi SA’s major creditors demanded on Sunday that the firm’s leading executives meet up with them as quickly as attainable to renegotiate a personal debt system.

In a letter viewed by Reuters that was resolved to leading Oi executives and board associates, Oi’s two largest bondholder groups demanded the carrier’s executives meet up with in New York to “negotiate in very good faith and on an expedited basis the phrases of an satisfactory system(s) of reorganization.”

The letter was sent by the major advisors of the Intercontinental Bondholders Committee the Advertisement Hoc Group of Oi Bondholders.

An emailed request for comment from Oi was not instantly returned Sunday evening.

The Oi restructuring, which started out in June 2016 and continues to be Latin America’s major individual bankruptcy defense situation to date, has been marked by a series of disputes amongst creditors and shareholders.

On Friday, the steering committees of the bondholder groups and the so-termed ECAs turned down Oi’s recovery system presented on Wednesday.

They said the organization “appears to be to have expended time negotiating with a little group of conflicted creditors, some or all of whom also maintain fairness, for a failed offer that focuses exclusively on preserving value for the current shareholders.”

Oi’s revised restructuring system proposed by administration and authorised by the carrier’s board “ignores basic creditor concerns, threatens prolonged-time period viability of organization and abusively enriches current shareholders,” said the assertion.

(Reporting by Brad Brooks Enhancing by Jonathan Oatis)



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