Debt Relief Plan for Brazil’s Oi
Debt Relief Plan for Brazil’s Oi

Debt Relief Plan for Brazil’s Oi

Debt Relief Plan for Brazil’s Oi

Banks and bondholders accounting for more than half of Oi SA’s debt of 65.4 billion reais ($20 billion) are considering proposing a 5-year grace period and lower borrowing costs to speed up the Brazilian phone carrier’s in-court reorganization, a person with direct knowledge of the talks said, Reuters reported. The person, who requested anonymity because the discussions are preliminary and remain confidential, said the bondholder group advised by Moelis & Co and a number of lenders, including state-run Banco do Brasil SA and China Development Bank Corp, are discussing several options to provide Oi with a debt relief plan. Oi, Brazil’s No. 1 fixed-line phone carrier, filed in June for the country’s largest ever in-court reorganization plan after it ran out of time to reorganize operations and restructure liabilities during a harsh recession. Oi owes 17 billion reais to banks and about 35 billion reais to bondholders.

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