September 17, 2018 / 4:46 PM / a month ago

UPDATE 1-Shareholders of Brazil's Oi approve new board, capital raise

(Adds capital raise approval)

RIO DE JANEIRO, Sept 17 (Reuters) - Shareholders in Oi , Brazil’s largest fixed-line telecom firm, on Monday approved a slate of new board members and a 4 billion real ($964 million) capital raise seen as key to the firm’s restructuring process.

The shareholders approved Eleazar de Carvalho to serve as new board chairman at the meeting, an important step in sorting out the reorganized firm’s governance and formalizing the capital increase.

Creditors in Oi approved a plan in December to swap much of their debt for equity. The telecoms firm filed for bankruptcy protection in 2016 after buckling under 65 billion reais of debt.

$1 = 4.15 reais Reporting by Rodrigo Viga Gaier Editing by Chizu Nomiyama and Chris Reese

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