Oi creditors have approved a restructuring plan that will take the struggling telco out of bankruptcy protection.
According to Bloomberg and as a result of a 15-hour meeting, the terms of the restructuring plan include a proposal for Oi to repay its biggest single creditor Anatel In five yearly instalments after a 20 year grace period. Currently fines under the attorney generals jurisdiction would be paid in monthly instalments over 20 years.
In addition, Oi said that it would implement a 4 billion real ($1.2 billion) capital increase to happen within the next 12 months, complete with scaled back conditions for the cash injection, subject to the approval of the bankruptcy court.
We expect the capital injection to happen even b…
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