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Blow for Michel Temer as S&P Cuts Brazil Credit Rating

Standard & Poor’s downgraded Brazil’s credit rating deeper into junk territory on Thursday, citing the government’s failure to pass key fiscal reforms, the Financial Times reported. The move by the rating agency is a slap in the face for the admi ...

Daily Headline - global.abi.org - 01/11/2018 - 23:15 - 0 comments

Judge OKs Oi Restructuring, Says Shareholders Meeting Not Needed

The judge overseeing the restructuring process of Brazilian telecom company Oi SA approved a massive debt restructuring plan on Monday and called a proposed shareholders meeting “absolutely unnecessary,” Reuters reported. In the decision, Judge Fernando ...

Daily Headline - global.abi.org - 01/08/2018 - 23:07 - 0 comments

Oi Shareholder Calls for Vote to Take Action Against CEO, CFO

Oi SA’s largest equity investor called for a shareholders meeting to decide whether to take legal action against the chief executive officer and the chief financial officer and to scrutinize parts of the Brazilian phone company’s restructuring plan, Bloo ...

Daily Headline - global.abi.org - 01/01/2018 - 23:01 - 0 comments

Brazil's Oi Open to Buyers After Restructuring

Brazilian telecoms company Oi SA is up for sale after it emerged from Latin America’s largest-ever bankruptcy protection process, Chief Executive Eurico Teles said on Wednesday. Teles said the company was ready to receive international investors and had ...

Daily Headline - global.abi.org - 12/20/2017 - 21:00 - 0 comments

Oi Creditors Debate Largest-Ever Latin American Restructuring

Oi SA creditors argued late into Tuesday night over a plan to restructure $20 billion in debt owed by the Brazilian telecoms company in Latin America’s largest-ever bankruptcy case as major creditors stayed silent about whether they would support it, Reu ...

Daily Headline - global.abi.org - 12/19/2017 - 21:46 - 0 comments

Oi's $19 Billion Debt Finale Is So Big It's at a Concert Venue

It’s only fitting that Oi SA, after filing for the biggest bankruptcy protection in Brazil’s history, is bringing its bitter 18-month restructuring battle to a crescendo with an epic creditors’ meeting at a rock concert venue, Bloomberg News reported. Th ...

Daily Headline - global.abi.org - 12/18/2017 - 22:23 - 0 comments

Brazil Telecoms Regulator Rejects Oi Shareholder Petition

Brazil’s telecommunications regulator Anatel said it rejected a petition by Societe Mondiale, a shareholder in Oi SA, to stop Aurelius Capital Management inking a debt restructuring accord with the struggling Brazilian telecoms company, Reuters reported. ...

Daily Headline - global.abi.org - 12/06/2017 - 00:35 - 0 comments

Shareholder In Brazil's Oi Requests Aurelius Be Barred From Debt Restructuring

Societe Mondiale, a shareholder in Brazilian telecoms company Oi SA affiliated with Brazilian investor Nelson Tanure, filed a complaint with the nation’s telecoms regulator on Friday seeking to limit the actions of a key bondholder, Reuters reported. In ...

Daily Headline - global.abi.org - 12/03/2017 - 18:19 - 0 comments

Brazil Bankruptcy Judge Weakens Oi Board, Bolsters Management

A Brazilian bankruptcy judge overseeing Oi SA’s in-court debt restructuring has put newly appointed Chief Executive Officer Eurico Teles in charge of negotiating with creditors, the telecom operator said in a filing. The decision, disclosed late on Wedne ...

Daily Headline - global.abi.org - 12/01/2017 - 00:17 - 0 comments

CEO of Brazil's Oi Resigns as Restructuring Vote Nears

The chief executive of Oi SA has resigned, its largest shareholder said on Friday, as the Brazilian telecommunications firm enters a crucial phase in Latin America’s biggest-ever bankruptcy proceedings, Reuters reported. A spokeswoman for Portugal’s Phar ...

Daily Headline - global.abi.org - 11/26/2017 - 22:24 - 0 comments

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