The board of directors at cash-strapped Brazilian telecoms company Oi has approved the terms of a debt-for-equity swap endorsed by creditors. In a securities filing, Oi said the board has approved the issuance of up to 1,756,054,163 new shares, corresponding to a maximum amount of BRL12.3 billion (US$3.8 billion). Under the terms of the agreement, unsecured bondholders will be able to participate in the capitalization of Oi by swapping a portion of their debt for shares in the company - as agreed in a creditor-approved restructuring plan back in December.
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