The board of Brazil´s Oi SA has approved a change to the restructuring proposal of the debt-laden telecom provider to be submitted to creditors on Monday, the company said in a securities filing. Terms of the proposed changes will be filed by the company with the court in Rio de Janeiro that oversees Latin America´s largest-ever bankruptcy proceeding, which aims to restructure 65 billion reais in debt, Reuters reported.

Brazil’s Odebrecht Oil & Gas filed for bankruptcy protection in the U.S. Friday to help implement a previously announced multibillion-dollar debt restructuring, The Wall Street Journal reported. Odebrecht Oil & Gas, an arm of engineering conglomerate Odebrecht SA, sought chapter 15 protection, the section of the bankruptcy code that deals with international insolvencies, in the U.S. Bankruptcy Court in New York. Large foreign companies, particularly those with U.S. operations or dollar-denominated debt, often file for bankruptcy in the U.S.

President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state-owned oil company makes one last payment, blaming U.S. financial sanctions for making it impossible to find new financing, Bloomberg News reported. The government will transfer funds for a $1.1 billion principal payment on Petroleos de Venezuela bonds that came due Thursday, Maduro said from Caracas. From there on out, the nation will renegotiate its debt with banks and investors, he said in a national address.

An influential shareholder in Brazil's Oi SA is working with U.S. and UK distressed debt hedge funds to maintain his central role at the telecoms provider as it struggles to emerge from bankruptcy protection, four sources said. The funds, the smallest group of Oi bondholders known as the G6, could help Nelson Tanure, who has a 6.5 percent stake in Oi and significant board clout, fend off rival restructuring plans by the company's two largest bondholder groups, the International New York Times reported on a Reuters story.

Venezuela appeared to have made a crucial bond repayment in the nick of time on Wednesday but the chaos surrounding the instalment stirred nervousness that the crisis-ridden country might finally be running out of money ahead of another big debt payment due on Thursday, the Financial Times reported. The Latin American country and its state oil company PDVSA have failed to make several debt payments in recent weeks.

The bond trustee for Venezuela’s state oil company is keeping investors in the dark about the status of a critical payment that was due Oct. 27, Bloomberg News reported. Mitsubishi UFJ Financial Group, the trustee on the notes maturing in 2020, has been telling investors that it won’t provide any information about the status of their funds until it issues a statement as soon as today or tomorrow, according to people with knowledge of the matter, who asked not to be identified because the conversations were private.

Investors are getting mixed signals as Venezuela stares down billions of dollars in debt obligations over the next few weeks, Bloomberg News reported. Although PDVSA said it paid an $842 million principal payment on its 2020 bonds due last Friday, the money has yet to materialize in the accounts of bondholders. Another $1.2 billion payment looms on Thursday. And to top it off, the clock is ticking on more than half a billion dollars in debt from the state oil firm and Nicolas Maduro’s government that are in a 30-day grace period.

The two largest groups of Oi SA bondholders have agreed to inject more cash into a proposed restructuring of the Brazilian telecom’s debt, two people familiar with the matter said on Friday, in the latest twist in Latin America’s biggest-ever bankruptcy, Reuters reported.

Venezuela’s state-run oil company said it transferred the funds to make an $842 million principal payment on its bonds due Friday, overcoming the first of many hurdles the country will face in coming days as it seeks to avoid sinking into default, Bloomberg News reported. The announcement spread a sense of relief to investors in the bond market, who drove up Venezuelan asset prices across the board Friday. A second big payment is due Nov. 2, and the country’s decision to disburse the cash for today’s payment indicates that it likely intends to meet that one too.

The risk of a government intervention in bankrupt telephone group Oi SA has subsided after shareholders gave assurances they would not change its current managers, Brazil’s telecoms regulator Anatel said on Thursday. “Intervention is no longer imminent,” Anatel chief Juarez Quadros told reporters. He said shareholders had sent the company emails assuring its managers that “at no time” had they or the board of director considered replacing them, Reuters reported. Brazil’s Solicitor General Grace Mendonça also said intervention of the debt-laden carrier was the last thing it had in mind.