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UPDATE 3-Brazil court delays Oi creditors meeting again
November 9, 2017 / 1:00 PM / in 12 days

UPDATE 3-Brazil court delays Oi creditors meeting again

(Recasts with postponed meeting)

BRASILIA/SAO PAULO, Nov 9 (Reuters) - The court overseeing the debt restructuring of Brazilian telecoms company Oi SA on Thursday postponed a creditors meeting scheduled for Friday until Dec. 7, amid continued disagreements between shareholders and bondholders.

The meeting, which has now been delayed several times, may carry over to Dec. 8, the court said, and could resume again on Feb. 1 and the following day if needed. On Wednesday, public banks including Banco do Brasil SA, which are Oi creditors, asked the court to delay the meeting.

The repeated delays highlight the distance between competing proposals put forward by banks, regulators, bondholders, shareholders and potential investors in Latin America’s largest-ever bankruptcy protection process.

Oi, Brazil’s fourth-largest wireless carrier, filed with a bankruptcy court 16 months ago to restructure 65.4 billion reais ($20.1 billion) in debt. At stake is the future of the sole fixed-line operator in about a third of Brazil’s 5,500 municipalities.

On Thursday, Brazilian regulator Anatel also said it had received a report from Oi describing how the company proposed to minimize “operational risks” in its proposed restructuring.

Anatel had demanded such a report on Monday. Oi asked on Wednesday for a seven-day extension to respond to Anatel’s inquiries, an appeal Anatel rejected. (Reporting by Leonardo Goy in Brasilia and Aluisio Alves in Sao Paulo; Additional reporting by Rodrigo Via Gaier in Rio de Janeiro; Writing by Gram Slattery; Editing by Lisa Von Ahn and Dan Grebler)

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