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Brazil's Oi creditor group proposes debt swap, $1.25 bln capital plan
December 16, 2016 / 8:08 PM / a year ago

Brazil's Oi creditor group proposes debt swap, $1.25 bln capital plan

RIO DE JANEIRO, Dec 16 (Reuters) - A group led by creditors and Egyptian billionaire Naguib Sawiris unveiled on Friday an alternative restructuring proposal for debt-laden Brazilian phone carrier Oi SA that contemplates 37 billion reais ($11 billion) in investments over five years in exchange for a 95 percent stake.

The group of bondholders represented by Moelis & Co and Sawiris delivered the proposal to Oi earlier in the day. Under terms of the alternative plan, they would raise $1.25 billion in new capital and take immediate control of the carrier. (Reporting by Rodrigo Viga Gaier; Writing by Tatiana Bautzer; Editing by Guillermo Parra-Bernal, Bernard Orr)

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