UPDATE 7-Oi creditors approve largest-ever Latin American restructuring [Reuters]
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Source: Reuters
Oi creditors approve largest-ever Latin American restructuring | Reuters 4 Min Read RIO DE JANEIRO (Reuters) - Creditors in Brazilian telecoms company Oi SA ( OIBR4.SA ) approved early on Wednesday morning a plan to restructure $20 billion in debt owed by the firm, overcoming the main hurdle in Latin America’s largest-ever bankruptcy process. After a marathon 15-hour meeting in Rio de Janeiro, three of four creditor classes voted nearly unanimously for the plan. The only major ‘no’ vote appeared to come from national telecoms regulator Anatel, which held billions of dollars in Oi debt through unpaid regulatory fines. “The management believes that the approved plan serves all the stakeholders in a balanced manner and guarantees the operational viability and sustainability of the companies in recovery,” Oi said in a filing early on Wednesday. The vote caps off a year and a half of bruising negotiations, in which creditors and the company fought over how to best restructure some 65 bil
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