November 11, 2016 / 1:25 PM / 3 years ago

Bondholders, Sawiris working on alternative plan for Brazil's Oi

People walk in front of the headquarters of the Brazil's largest fixed-line telecoms group Oi, in Rio de Janeiro, Brazil, June 22, 2016. REUTERS/Sergio Moraes

SAO PAULO (Reuters) - Egyptian billionaire Naguib Sawiris and some creditors of Oi SA have renewed their ties and are working on a post-bankruptcy protection plan for the Brazilian phone carrier that could be ready within 30 days.

In a joint statement released on Friday, a group that includes about 70 bond firms that are advised by Moelis & Co and Sawiris affirmed their rejection to a plan proposed by Oi’s management on Sept. 5. Reuters reported on Oct. 21 that Sawiris and the Moelis-led group had teamed up, pledging to inject $1.5 into Oi.

Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn

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