Oi’s Shareholders Eye Capital Injection

15 September 2018
Shareholders in Oi, Brazil’s largest fixed-line telecoms operator, meet today to discuss a new capital injection, the Economist reported. In 2016 the company filed for bankruptcy amid Brazil’s worst-ever recession, saddled with BRL 65bn (US$ 16bn) of debt.
It was Latin America’s largest corporate default. After months of delays resulting from Brazil’s byzantine bankruptcy laws, a rescue plan was approved by a court in January. In exchange for 75% of the company’s equity, creditors agreed to inject BRL 4bn in new capital to upgrade the firm’s mobile and broadband services, which lag behind its competitors’.
More from Latin America
15 December 2017
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