PJT will help "evaluate strategic and financial alternatives to optimize its liquidity and debt profile," Oi said in a filing. A ballyhooed effort to combine the debt-ridden carrier with rival TIM Participações (NYSE:TSU) came to an end last month as TIM owner Telecom Italia rejected further discussions.
Oi bonds tumbled and its stock is at its lowest point in decades. After deal talks dissolved, Oi said it would look for other consolidation options and keep streamlining its size of operations, improve infrastructure and revamp its sales approach.
Previously: Oi hiring advisers to renegotiate $3.3B in debt (Mar. 02 2016)
Previously: Brazil's Oi tanks, -15.7%, as TIM merger plans implode (Feb. 25 2016)