São Paulo – The Brazilian telecom company Oi, currently in the midst of a debt restructuring effort, was offered last Friday (16) an alternative plan by a new investor, Orascom TMT, a company owned by Egyptian billionaire Naguib Sawiris.
The plan was submitted by a group comprising Oi creditors (Moelis & Company and FTI Consulting) and Orascom delegates, as per a communiqué released by the Brazilian telephony operator. Oi said in the communiqué that the plan will now be reviewed alongside any other suggestions that may arise as meetings with other creditors take place over time.
“Oi believes that the outcome of these talks should reflect a final debt recovery draft plan to be submitted to the Assembly for approval,” reads the communiqué issued online this Monday (19), with Sawiris’ plan in attachment.
*Translated by Gabriel Pomerancblum
