August 2, 2018 / 10:57 AM / 20 days ago

Brazil's Oi sets key shareholders' meeting for early September

SAO PAULO, Aug 2 (Reuters) - Oi SA, Brazil’s largest fixed line telecom firm, called a general shareholders’ meeting on Sept. 3 in Rio de Janeiro to formally vote on a 4 billion reais ($1.07 billion) capital injection, the company said.

In a securities filing made late on Wednesday night, the firm said shareholders would also consider the composition of a new board of directors and a number of by-law changes, confirming a Reuters report earlier in the day which said Oi would send the invite for the meeting as early as this week.

Oi, which filed for bankruptcy protection in 2016 after buckling under 65 billion reais of debt, is currently governed by a transitional board of directors.

Creditors in Oi approved a plan in December to swap much of their debt for equity. The shareholders’ meeting is a key step in sorting out the reorganised firm’s governance and formalising the 4 billion reais capital raise.

Many of the firm’s major shareholders are now U.S. hedge funds. Earlier on Wednesday night, Goldentree Asset Management LP disclosed a 9.3 percent stake, and on Monday, York Capital Management disclosed a 7.4 percent stake.

$1 = 3.75 reais Reporting by Gram Slattery; Editing by Kirsten Donovan

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