- Oi SA (OIBR) is up 11.5% after shareholders approved a voluntary conversion of preferred shares and preferred ADS.
- The company got the necessary two-thirds of outstanding shares to approve the plan. It said it got confirmation that 62% of the outstanding preferred ADS were tendered for exchange for common ADS.
- Oi last month denied there were discussions about restructuring its debt in the wake of hiring Rothschild to help it optimize using resources from the sale of PT Portugal.
- The conversion's success may clear up room for some much-awaited consolidation in the Brazilian telecom market.