- Brazilian telecom Oi (OIBR +4.5%) says it's gotten board approval to negotiate with certain creditors and has scheduled meetings in New York for formal talks with bondholder adviser Moelis & Co.
- That's the next step in a process that started in April when bondholders (including more than 25 investment firms) signed NDAs to join the talks.
- Oi says it urges bondholders that aren't part of the ad hoc committee represented by Moelis to join in.
- The company, awash in 49.4B reais (about $14.1B) in debt, has been racing to file a 20-F by a deadline of May 17 (tomorrow) with the SEC; it asked for extra time as it decided to present the doc according to GAAP.
- Now read OI Brazil - Key Metrics Deteriorating, Restructuring Imminent »