Oi board gives executive officers OK to continue creditor discussions

By Caroline Salls

Pittsburgh, Feb. 2 – Oi SA’s board of directors authorized the company’s executive officers board to continue discussions with creditors, including on the possibility of converting part of Oi’s debt into equity, according to a 6-K filed with the Securities and Exchange Commission.

During a meeting of the board of directors held Wednesday, Oi’s financial adviser presented a few scenarios that were developed based on feedback from creditors.

Oi said the interactions with creditors are progressing, and it will continue to meet regularly with its creditors, other stakeholders and potential investors to gather impressions, comments and suggestions.

Oi is a Rio de Janeiro-based telecommunications service provider. It filed for Chapter 15 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on June 21, 2016 under case number 16-11791.

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