Oi Executives Say They Won’t Bow to Pressure to Raise Capital

Oi SA’s top executives have a message for investors and analysts pushing the company to sell more assets or take on more debt: Back off. The Brazilian phone company -- now in the final stages of a $19 billion debt restructuring -- has various options to raise capital but won’t make any decisions under pressure, Chief Operational Officer Rodrigo Abreu and Chief Executive Officer Eurico Teles said in an interview, Bloomberg News reported. Oi is in the process of selling assets, is benefiting from a 3 billion reais ($720 million) tax credit and is considering issuing as much as 4.5 billion reais in debt, as outlined in its judicial recovery plan, Abreu said. “There is no fixed path in front of us,” Abreu said. “The execution of this range of options will depend on the order with which we’re able to sell assets.” Read more

Location