August 23, 2017 / 10:43 PM / a year ago

Oi's two main creditor groups propose joint restructuring plan

SAO PAULO, Aug 23 (Reuters) - The two biggest creditor groups in Oi SA said on Wednesday they have agreed on terms of a joint proposal for the Brazilian phone carrier’s in-court restructuring, in a step aimed at speeding up the resolution of a bankruptcy protection case that has dragged on for 14 months.

In a statement, the International Bondholder Committee and the Ad-Hoc Group of Oi bondholders, alongside a group of export credit agencies, said they would agree to swap 26.1 billion reais ($8.3 billion) worth of their Oi bondholdings into the equivalent of 88 percent of the company’s equity.

They would also endorse injecting 3 billion reais of fresh capital into Oi, the statement said. Rio de Janeiro-based Oi did not have an immediate comment on the proposal.

$1 = 3.1406 reais Reporting by Guillermo Parra-Bernal; Editing by James Dalgleish

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