Major shareholder in Brazil's Oi urges revamped restructuring plan

Major shareholder in Brazil's Oi urges revamped restructuring plan
 

An activist minority shareholder in Oi SA urged the Brazilian phone carrier's board to revamp a bankruptcy protection plan presented last month, in a bid to neutralize growing pressure from large creditors like bondholders and banks.
In a letter sent to Chairman José Mauro Carneiro da Cunha dated Oct. 14, shareholder Nelson Tanure said Oi's in-court restructuring needed to be designed in a way that favors the survival of the company and not creditors. He urged stricter cost-cutting efforts and a stance toward austerity.
Reuters viewed the letter. A media representative for Tanure declined... read more

 
18 October 2016 in Science &Technology, Views: 45
Source: Reuters
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