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Orascom mulls extending alternatives for Brazil's Oi plan, sources say
March 1, 2017 / 3:45 PM / in 9 months

Orascom mulls extending alternatives for Brazil's Oi plan, sources say

SAO PAULO, March 1 (Reuters) - Orascom TMT Holdings SAE is considering extending the validity of a series of suggestions it made for Oi SA’s in-court reorganization plan by about one more month, two people with direct knowledge of the matter said on Wednesday.

Orascom’s suggestions for the plan, which were unveiled in December and included a proposal to exchange bondholder debt for Oi’s equity and a capital injection worth $1.25 billion, expired on Feb. 28. One source said Orascom and a group of bondholders that jointly made the proposals to Oi could unveil terms of the extension as early as Wednesday.

Media representatives for Orascom and the bondholder group did not have an immediate comment. Oi’s press office did not have an immediate comment. (Reporting by Ana Mano; Editing by Guillermo Parra-Bernal and Jeffrey Benkoe)

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