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Board of Brazil's Oi approves changes to recovery plan
March 22, 2017 / 11:48 PM / 6 months ago

Board of Brazil's Oi approves changes to recovery plan

People walk in front of the headquarters of the Brazil's largest fixed-line telecoms group Oi, in Rio de Janeiro, Brazil, June 22, 2016. REUTERS/Sergio Moraes

SAO PAULO (Reuters) - The board of Oi SA (OIBR3.SA), the Brazilian phone carrier currently under bankruptcy protection, approved changes to its recovery plan, according to a Wednesday securities filing.

The changes included reducing the grace period on several classes of bonds to a maximum six years and giving creditors rights half of revenue from asset sales and operational cash flow, while guaranteeing a minimum cash position for the company equal to a fifth of net revenue.

Reporting by Brad Haynes; Editing by Sandra Maler

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