January 22, 2018 / 9:20 PM / 2 months ago

Litigating shareholder sells part of stake in Oi- statement

SAO PAULO, Jan 22 (Reuters) - Societe Mondiale, an investment vehicle owned by shareholder Nelson Tanure, has sold part of its stake in Brazilian telecommunications company Oi SA , after a defeat in a creditors meeting last month, according to a statement issued on Monday.

Societe Mondiale reduced its stake in the company to 3.67 percent from 5.28 percent. Tanure opposed a proposal approved by creditors and a bankruptcy court that allows bondholders to trade their debt for a controlling stake in Oi.

Oi is undergoing a $20 billion court-supervised debt restructuring that is is Latin America’s largest-ever bankruptcy potection process. (Reporting by Tatiana Bautzer; Editing by Jonathan Oatis)

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