Oi added that Syzygy's filing relates to $800,000 of Oi Brazil Holdings bonds.
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Protection will also apply to Oi partners and subsidiaries Portugal Telecom, Telemar Norte Leste, Oi Movel, Copart 4 e 5 Participações and Oi Brasil, the court said.
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The Oi subsidiaries that also filed for bankruptcy protection were Oi Móvel, Telemar Norte Leste, Copart 4 Participações, Copart 5 Participações, Portugal Telecom International Finance and Oi Brasil Holdings Coöperatief.
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Oi said Société Mondiale warned it could call a shareholder meeting if Oi did not take the initiative within eight days.
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The sweet Oi-oi Puff — a raspberry cream puff — and the fruity Moof Juice round out our recommendations on the adult menu.
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Oi also said in a filing that Brazilian antitrust watchdog Cade would now have the right to attend any Oi board meetings.
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There they are, stumbling homewards, shouting "OI OI" while sporadically wibbling their genitalia at each other on the cobbled pavements of Leamington Spa.
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Tanure, known for investing in financially distressed companies, acquired a stake in Oi through Société Mondiale after Oi filed for bankruptcy protection in June.
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Itaú analysts said Oi is offering better restructuring terms, but they underscored a need for a capital injection to ensure Oi maintains investment capacity.
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"Oi Soluções requires a significant investment and we expect to more than double B2B capex for 2020," said Adriana Coutinho, head of Oi Soluções.
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With Oi entering formal bankruptcy proceedings, uncertainty about recovery values is mounting for holders of Oi debt not guaranteed by Telemar - especially for those owning notes issued by Oi subsidiary Portugal Telecom International Finance BV that are due in July, Credit Agricole analysts said.
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Escalating tension among creditors and shareholders of Oi has forced the Brazilian government to threaten a potential intervention in Oi. In an interview published on Tuesday, Communications Minister Gilberto Kassab said the government was ready to intervene in Oi if in-court negotiations fail.
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Just last week, Oi said that the plan had been approved by a bankruptcy court in Portugal, an important step that sent Oi shares higher.
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SAO PAULO, Aug 9 (Reuters) - Brazilian phone carrier Oi SA has filed a bankruptcy protection request before a Dutch court for Netherlands-based subsidiary Oi Brasil Holdings Coöperatief UA. In a Tuesday securities filing, Oi said that the Amsterdam-based court also appointed a trustee for the Oi Brasil Holdings unit under the so-called "suspension of payments" procedure, confirming a Reuters report earlier in the day.
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Billionaire Paul Singer's Elliott Management Corp recently made an informal proposal committing to invest around $3 billion into Oi. The board of Oi recently shunned Elliott's proposal and another put forward by Egyptian billionaire Naguib Sawiris and a group of Oi bondholders led by Moelis & Co. Common shares of Oi rose 2.9 percent to 3.74 reais on Friday, extending gains to 47 percent this year.
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It also wants Oi to pursue a claim against Santander Brasil , which advised Oi on its 2015 merger with Portugal Telecom, as Pharol was previously known.
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The escalating tension among creditors and shareholders of Oi has forced the Brazilian government to repeatedly threaten a potential intervention in Oi. In an interview published on Tuesday, Communications Minister Gilberto Kassab said the government is ready to intervene in Oi if in-court negotiations fail.
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Others, all holding claims on debt-laden Oi, included the Ad Hoc Group of Oi Bondholders, Banco do Brasil , state development bank BNDES and Caixa Economica Federal.
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Shares and bonds of Oi have tumbled since late February, when Russian billionaire Mikhail Fridman's investment firm LetterOne abandoned a $4 billion offer to invest in a possible merger of Oi with Telecom Italia's local operator TIM Participações SA. Credit rating agency Moody's downgraded Oi on March 1.
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Oi Chief Executive Officer Marco Schroeder said the capital raise will allow a new cycle of investments and growth at Oi, which filed for Brazil's largest bankruptcy protection a year ago.
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SAO PAULO (Reuters) - Brazilian wireless carrier Oi SA (OIBR4.
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SAO PAULO (Reuters) - Creditors of Brazil's Oi SA (OIBR4.
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SAO PAULO (Reuters) - Brazilian telephone company Oi SA (OIBR4.
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SAO PAULO (Reuters) - Brazilian telecoms company Oi SA's (OIBR4.
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SAO PAULO (Reuters) - Brazilian wireless carrier Oi SA's (OIBR3.
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SAO PAULO (Reuters) - Brazilian telecom company Oi SA (OIBR4.
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Apart from participating in the proceedings, the trustee will investigate Oi Brasil Holdings' prior and current management teams and enforce the company's claims against parent Oi and other affiliates, the statement said.
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The Oi subsidiaries that also filed for bankruptcy protection were Oi Móvel SA, Telemar Norte Leste SA, Copart 4 Participações SA, Copart 5 Participações SA, Portugal Telecom International Finance BV and Oi Brasil Holdings Coöperatief UA. Analysts said that Oi's debt was unsustainable in the short term, with almost half of it maturing by the end of 2017.
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The complaint alleges that the rights of Oi shareholders were violated as part of an agreement approved by creditors in December to severely dilute shareholders' equity to take Oi out of bankruptcy protection.
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Oi and government representatives were not immediately available for comment.
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This article originally appeared on Noisey UK. Oi, you lot.
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SAO PAULO (Reuters) - A minority investor in Oi SA (OIBR4.
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The agreement concluded the takeover of Oi by Portugal Telecom.
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Preferred shares in Oi rose 0.4 percent to 2.88 reais.
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Media representatives for Oi declined to comment on the story.
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The person spoke anonymously because negotiations with Oi are private.
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Oi said it has no knowledge of the creditors' motion.
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Preferred shares in Oi dropped 3.8 percent to 3.56 reais.
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"Oi, I said Roger Goodell has died," the tweet read.
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"The problems of Oi are financial," de Angelis told journalists.
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Oi filed in June for Brazil's largest ever bankruptcy protection.
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The restructuring plan that Oi presented to creditors on Sept.
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In 2013, I saw him blast through a captivating oi!
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"If the plan is not enforced in the U.S., the creditors could seek judgments to attach moneys that would otherwise go to Oi or go to other carriers paid by Oi," the source said.
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The Benefit Cosmetics The POREfessional Face Primer, R+Co Dallas Thickening Spray, Clarins Hydra Essential Silky Cream, Arrow Boost Color Enhancing Lip Balm, and Davines OI All in One Milk plus OI Shampoo + Conditioner.
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Among the major changes was a modification to the corporate governance of Oi. A transitional Oi board will be composed of a mix of existing board members and members chosen by investors in the company.
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"Oi Soluções requires a significant investment and we expect to more than double B2B capex for 13," Adriana Coutinho, head of Oi Soluções, told journalists on the sidelines of a company event in Sao Paulo.
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However, revenue and OI guidance missed by 7% and 8%, respectively.
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The limit, which Oi included in a reorganization proposal on Sept.
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Related: American Car Culture Gets a Roaring Group Show Say Oi!
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Oi filed for Brazil's largest bankruptcy protection in June last year.
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SAO PAULO (Reuters) - The board of Brazil´s Oi SA (OIBR4.
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Oi and Anatel did not immediately respond to requests for comment.
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Both Rio de Janeiro-based Oi and Aurelius declined to comment.
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A spokesperson for Oi could not immediately be reached for comment.
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Then the tape replays… That's the one, that's the one, oi.
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The watchdog also pledged to assist Oi clients during the process.
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Sonically this song brings together a verse that's very British oi!
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SAO PAULO, Nov 28 (Reuters) - Brazilian telecoms regulator Anatel has forbidden telecoms carrier Oi SA from signing with creditors its most recent restructuring proposal, arguing that it has "ruinous potential for the company," Oi said on Tuesday.
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Claiming the proposed terms "were not previously negotiated with either of the Oi bondholder groups," the creditors said in a joint statement that Oi has "failed to engage" with them, nine months after filing for bankruptcy protection.
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Oi, which is Brazil's largest fixed-lined carrier, is also launching a Streaming Box, a device similar to an Apple TV, to integrate its online video platform Oi Play to Netflix, YouTube, Google Assistant and other applications.
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RIO DE JANEIRO (Reuters) - Creditors in Brazilian telecoms company Oi SA (OIBR227.5.
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Oi did not comment, while efforts to contact the funds were unsuccessful.
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A representative for Oi had no immediate comment on the court ruling.
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RIO DE JANEIRO (Reuters) - Creditors in Brazilian telecoms carrier Oi SA (OIBR4.
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SAO PAULO (Reuters) - A group of bondholders that are Oi SA's (OIBR4.
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Preferred shares in Oi fell 6.3 percent on Monday to 4.14 reais.
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The atmosphere, stirred by the music-loving staff and a loud oi!
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RIO DE JANEIRO (Reuters) - Brazil's largest fixed line carrier Oi SA (OIBR4.
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Oi declined to comment and PJT did not immediately have a comment.
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BRAZILIAN TELECOM OI SA MAY CONSIDER SELLING MOBILE UNIT -CHIEF OPERATING OFFICER
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Representatives for Oi did not immediately respond to a request for comment.
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Sean: Oi, I've got free tickets to Hot Dub Time Machine tonight.
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Oi, Brazil's largest fixed-line phone carrier, and six subsidiaries filed for bankruptcy protection on Monday after Oi failed to win the support of key shareholders for a plan to restructure 65.4 billion reais ($19.3 billion) of debt.
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The complaint alleges that the rights of Oi shareholders were violated as part of an agreement approved by creditors in December to severely dilute shareholders' equity as part of an agreement to take Oi out of bankruptcy protection.
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"As Oi understands it, the authority to decide on acts regarding the judicial recovery lies with the Seventh Circuit Commercial Court of Rio de Janeiro, whose authority was upheld by the Supreme Court," Oi said in a statement.
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In December, a separate group of Oi bondholders advised by Moelis & Co proposed injecting $1.25 billion of new capital into Oi, a move that would give them immediate control of the carrier through a debt-for-equity swap.
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Going inside the club, this year done out like a meat market (oi oi) with big slabs hanging from hooks outside, you can feel a change of atmosphere, the jolly "festy" vibes replaced with something more honest and austere.
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SAO PAULO (Reuters) - The board of Brazilian wireless phone carrier Oi SA (OIBR4.
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Sawiris had been linked with a potential takeover of Oi since last year.
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The latest speculation came in June, days before Oi filed for bankruptcy protection.
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Oi and GoldenTree did not immediately respond to a Reuters request for comment.
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Both Oi and New York-based PJT declined to comment on the process.
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Spokespeople at BNDES and Oi did not immediately respond to requests for comments.
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"Oi Biebs I had it first," she wrote, adding an image as proof.
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Shareholders first authorized management of Oi to seek bankruptcy protection on June 20.
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RIO DE JANEIRO (Reuters) - The board of Brazilian telecommunications company Oi SA (OIBR3.
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The first amputee to receive an OI implant was in Sweden in 1990.
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SAO PAULO (Reuters) - The bankruptcy petition of mobile phone carrier Oi SA (OIBR4.
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Knog Oi Bike Bell | $20 Who says your party jams can't be chic?
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RIO DE JANEIRO (Reuters) - The new chief executive officer of Oi SA (OIBR4.
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One TIM competitor, Oi SA, is currently struggling with a messy debt restructuring.
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"Oi, I said Roger Goodell has died," an insistent follow-up tweet read.
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|
An emailed request for comment from Oi was not immediately returned Sunday night.
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|
BRASILIA (Reuters) - Societe Mondiale, a shareholder in Brazilian telecoms company Oi SA (OIBR4.
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Industry watchdog Anatel would initially intervene Oi for a year, the paper added.
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The man in the photo is Lei Jun: the late frontman of oi!
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You can pre-order an Oi bike bell for yourself for only $19.
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Oi, Moelis and majority shareholders in the company declined comment for this report.
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Oi sees a capital expenditure of 7 billion reais ($1.67 billion) in 2020.
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Oi, which is in bankruptcy protection, said it will receive $699.1 million upfront.
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Activist fund Elliott - which on Tuesday said it had taken a stake in TIM - denied on Friday it intended to make TIM merge its Brazilian business with rival Oi, adding it did not have investments in Oi, the Financial Times reported.
|
|
BRASILIA (Reuters) - Changes in Brazil's telecom law currently under debate in the Senate are not being taken into account by debt-laden carrier Oi SA as it devises its in-court reorganization plan, Oi Chief Executive Marcos Schroeder said on Tuesday.
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New York-based Aurelius, a distressed debt investment firm that owns bonds issued by Oi SA subsidiaries Portugal Telecom International Finance BV and Oi Brasil Holdings Coöperatief UA, began distributing a letter explaining its strategy to fellow bondholders on Friday.
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Evidence collected from receipts, emails and bank details suggests that Oi benefited from various government decisions in this period, including a decree signed by Lula that authorized Oi/Telemar to acquire Brasil Telecom in 2008, prosecutor Athayde da Costa added.
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Other companies are trying the same approach, including Brazilian telecom companies Oi and Tim.
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Oi shares gained 2 percent on Thursday, but have lost 54 percent in 2016.
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The government has threatened to intervene if Oi stakeholders fail to reach an agreement.
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|
Something about the juxtaposition of "oi" with "ss" and "tt" produces an unfavorable sound.
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Common shares in Oi extended losses after the Reuters report, closing 4 percent lower.
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Preferred and ordinary shares in Oi fell about 2 percent in Friday afternoon trading.
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Oi currently offers users 50 gigabytes of data for 99,90 reais ($26.33) a month.
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Like many firms in the country, Oi piled on debt during the boom years.
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Asked about possible Oi-related provisions, Nokia, IBM, Alcatel and Ericsson declined to comment.
|
|
Pharol remains the largest individual shareholder of Oi, with 27.49 of its voting shares.
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It added that Anatel will have a representative present at all Oi management meetings.
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Anyway, she comes over, bit wobbly, and says, 'Oi, can ah ave a cigarette?
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|
In the 22017s, it was outlaw country acts like David Allen Coe and Oi!
|
|
SAO PAULO (Reuters) - Aurelius Capital Management LP has contacted bondholders in Oi SA's (OIBR4.
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Frédéric Fekkai is good, or the Davines Oi oil, which is for damaged hair.
|
|
Oi, Brazil's only carrier controlled by domestic capital, declined to comment beyond the petition.
|
|
A Oi spokeswoman declined to comment on the reported hiring of Galdino as adviser.
|
|
In a statement, the International Bondholder Committee and the Ad-Hoc Group of Oi bondholders said they would agree to swap 26.1 billion reais ($8.3 billion) worth of their Oi bond holdings into the equivalent of 88 percent of the company's equity.
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After dubbing investment firms that bought Oi debt at distressed prices as "vulture funds disguised as proto-New York-based banks," Tanure - who with other investors holds about 7 percent of Oi through an investment vehicle - said repayments should prioritize small creditors.
|
|
They would also endorse injecting 3 billion reais of capital into Oi. $1 = 3.15 reais
|
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SAO PAULO (Reuters) - The two biggest bondholder groups in Brazilian telephone operator Oi SA (OIBR53.
|
|
In Wednesday's filing, Rio de Janeiro-based Oi said Sawiris has not contacted the company.
|
|
The interests of both investor groups in Oi "are not necessarily misaligned," said the source.
|
|
This is the second group of Oi bondholders formed to negotiate collectively with the company.
|
|
Common shares in Oi fell 10.3 percent on Thursday, after tumbling 23 percent on Wednesday.
|
|
The show, which will be broadcast on... new season of BLACK MIRROR is wildS3E01: Oi!
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The Brazilian government has threatened to intervene should Oi stakeholders fail to reach an agreement.
|
|
According to regulator Anatel, Oi owes the government close to 15 billion reais in fines.
|
|
Oi succumbed to a heavy debt burden and mounting competition after years of shareholder disputes.
|
|
Oi, a Brazilian telecoms firm, applied for "judicial recuperation", Brazil's equivalent of Chapter 11 bankruptcy.
|
|
Oi filed for bankruptcy protection in a commercial court in Rio de Janeiro in June.
|
|
"This is an encouraging sign that Oi could have brighter days ahead," said the individual.
|
|
Société Mondiale owns a 6.64-percent stake of Oi, the company said in a filing.
|
|
Negotiations around Oi have taken a number of dramatic turns just days before a Nov.
|
|
So, yeah... there's a fair bit of controversy surround the Oi Rio Pro this year.
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SHARES IN BRAZIL'S OI FALL 4% AT OPEN AFTER CITED IN CAR WASH CORRUPTION PROBE
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BRASILIA (Reuters) - The judge handling the bankruptcy restructuring of Brazilian telecoms Grupo Oi SA (OIBR3.
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The conversion of the existing debt would be limited to 25 percent of the company's capital, but creditors may reach a larger stake in Oi by participating later in the stock offering planned by Oi. In August, the two largest creditor groups, the International Bondholder Committee and the Ad-Hoc Group of Oi bondholders said they would agree to swap 26.1 billion reais worth of their bond holdings for 88 percent of the company's equity.
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BRASILIA, Oct 27 (Reuters) - Two groups of Brazilian telecom Oi SA bondholders will extend confidential talks with the phone carrier over alternatives for the company's debt restructuring, the International Bondholders Committee and the Ad Hoc Group of Oi Bondholders said in a statement on Friday.
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"We believe Oi is too large for any of the existing players to acquire it entirely, due to market concentration," Credit Suisse analysts told clients in a note, adding that a piecemeal sale of Oi operations was better for America Movil than a wholesale takeover.
|
|
We think investors are likely going to be modestly disappointed by 21000Q's greater than expected deceleration in unit growth, 213Q's international growth slowdown, and 213Q revenue and OI guidance, which at the midpoint were below Street estimates (214Q revenue guide worse than OI guide).
|
|
Oi has almost 200 different bondholders spanning from Brazil and the United States to Switzerland and Chile Newspaper O Estado de S. Paulo reported on Monday that Oi had hired law firm Galdino, Coelho, Mendes Advogados to help draft a possible bankruptcy protection filing.
|
|
Fitch believes Oi will propose an official offer to TIM by the end of February 24503.
|
|
Oi. prices were higher with Brent crude just under $82 per barrel, a four-year high.
|
|
Late on Wednesday, Oi posted a larger-than-expected loss as it closed currency-hedging positions.
|
|
Bob Gramsma's "facts on the ground, OI#17241" (2017) is equally focused on an imaginary space.
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Creditors in Oi approved a plan in December to swap much of their debt for equity.
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|
"If Oi manages to split its debt from its assets...we will be watching," he added.
|
|
SA), has often been touted as a possible bidder for Brazilian wireless carrier Oi SA (OIBR4.
|
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SAO PAULO (Reuters) - The judge overseeing the bankruptcy protection of Brazilian phone carrier Oi SA (OIBR4.
|
|
Oi and a court representative declined to comment on the possible ruling by Judge Fernando Viana.
|
|
Oi, Banco do Brasil, Itaú and FTI Consulting, which represents export credit agencies, declined to comment.
|
|
Lawyers for Oi were looking for ways to offset plans by those investors, the report said.
|
|
FAIRFIELD "Exit 63, Printmaking in New Haven," work by Oi Fortin, Irene Miller and Liz Pagano.
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FAIRFIELD "Exit 290, Printmaking in New Haven," work by Oi Fortin, Irene Miller and Liz Pagano.
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|
FAIRFIELD "Exit 5, Printmaking in New Haven," work by Oi Fortin, Irene Miller and Liz Pagano.
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FAIRFIELD "Exit 30, Printmaking in New Haven," works by Oi Fortin, Irene Miller and Liz Pagano.
|
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FAIRFIELD "Exit 232528, Printmaking in New Haven," work by Oi Fortin, Irene Miller and Liz Pagano.
|
|
Japan's largest asset manager appointed Akimichi Oi and Kota Murakami to boost its investment management business.
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|
I like the Davines Oi All in One Milk for that, and it keeps it glossy.
|
|
Preferred shares in Oi were up 6% on Thursday afternoon, while common stocks were rising 3.8%.
|
|
Oi plans to maintain the highest service quality standards during the process, the same source added.
|
|
The size of the deposits surprised many, and Brandao said Oi was readjusting its accounting procedures.
|
|
The second bondholder group said last week that investors representing $1.5 billion of the face amount of Oi bonds want "to construct a viable operational and reorganization plan" for Oi. Most investment firms in this group own bonds issued by Oi's two Netherlands-based finance subsidiaries, Portugal Telecom International Finance BV and Oi Brasil Holdings Cooperatif UA. Aurelius, Houlihan Lokey and law firm Dechert LLP, legal advisers to the new bondholder group, did not respond to requests for comment.
|
|
Oi declined to quantify the expected drop in sales-related expenses from relying more on Internet sales.
|
|
On Wednesday, Oi unveiled a revised version of its restructuring proposal, which was originally presented in September.
|
|
However, "a case like Oi could be a good opportunity to debut," said one of the sources.
|
|
Fitch does not expect major changes to the shape of the market while Oi is being restructured.
|
|
While AWS' OI margin declined slightly m/m, it remains healthy (73%) and incremental margins remain >35%.
|
|
Common shares in Oi rose on the news, and were trading up 5.6 percent in afternoon trade.
|
|
BRASILIA (Reuters) - A move by Brazil's telecommunications industry watchdog to analyze whether to remove Oi SA's (OIBR4.
|
|
In a statement on Monday, Oi shareholder Pharol SGPS SA said it had been given until Nov.
|
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TELEFONICA COO SAYS BRAZIL'S OI HAS INITIATED POTENTIAL SALE OF MOBILE BUSINESS, TELEFONICA WILL LOOK AT IT
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Oi said in a filing it sees revenues rising above 2% per year between 2019 and 2024.
|
|
SAO PAULO (Reuters) - A Brazilian activist investor with a stake in bankrupt telecom provider Oi SA (OIBR4.
|
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SAO PAULO (Reuters) - The judge overseeing the in-court restructuring of Brazilian phone company Oi SA (OIBR3.
|
|
Earlier on Friday, several Oi bondholder groups said they had asked to delay the meeting of creditors.
|
|
Anatel has repeatedly threatened to take the carrier's licenses over should Oi stakeholders fail to reach an agreement.
|
|
Oi confirmed the "involuntary bankruptcy" filing by Syzygy in the Dutch court in a statement later on Monday.
|
|
"We don't expect it will have impacts on our bankruptcy protection filing under way in Brazil," Oi said.
|
|
Oi spends 300 million reais annually just to mail the bills to its clients nationwide, company executives said.
|
|
Oi filed for bankruptcy protection in 2016 and received approval from shareholders for its recovery plan last December.
|
|
In "Oi Cara Mamma", the Alpini ask what their mothers will do when their sons don't come back.
|
|
Oi, Brazil's most indebted telephone company, is seeking to restructure about 25 billion reais ($7.3 billion) of debt.
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|
MI) would repel any push by activist investor Elliott to merge its Brazilian business with rival Oi (OIBR4.
|
|
The procedure, known as 'osseointegration' (OI), involved implanting a metal rod into the bone of his residual limb.
|
|
Rio de Janeiro-based Oi filed for bankruptcy protection a year ago on 65.4 billion reais of debt.
|
|
Oi asked on Wednesday for a seven-day extension to respond to Anatel's inquiries, an appeal Anatel rejected.
|
|
Paul Singer's Elliott Management Corp unveiled plan for Oi involving a 9 billion reais capital injection last month.
|
|
As it stands, we're moving forward with the Oi Rio Pro and look forward to a great event.
|
|
Even non-commodity names, such as airline Gol and mobile operator Oi, are looking to renegotiate their debts.
|
|
The service is offered by Oi's business-to-business unit, Oi Solucoes, which has over 57,000 corporate customers.
|
|
Cerberus Capital Management LP and Elliot Management Corp also have had talks with Oi regarding a potential bid.
|
|
Operational earnings have slowed faster at Oi than rivals, especially in services, data compiled by Thomson Reuters showed.
|
|
In the letter, Aurelius challenges the notion spread during restructuring talks between Oi and a group of investors advised by Moelis & Co that bonds backed by the Telemar Norte Leste SA unit rank first in repayment order in relation to those sold by Oi Brasil Holdings and Portugal Telecom International.
|
|
In addition, given better than expected content amortization (albeit largely attributed to timing) and technology expenses, OI of $103mm (or 12% of revenue, Netflix's highest since 2Q11) surpassed Street expectations by ~20%, resulting in CFO David Wells signaling FY 2018 OI margins could now come in between 10-11% (vs.
|
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MEXICO CITY, Oct 16 (Reuters) - America Movil said on Wednesday during its third-quarter earnings call that it was open to discussing a deal with Brazilian telecom firm Oi SA. "Of course we are interested in doing something with Oi in Brazil," one of the executives said on the call.
|
|
Oi must file a restructuring plan by Wednesday after repeatedly clashing with creditors over the terms of the deal.
|
|
Oi collapsed under 65 billion reais of debt in 2016, kicking off Latin America's largest-ever bankruptcy protection proceedings.
|
|
"Measures that generate instability may cause losses and should be avoided by all Oi shareholders," said a company statement.
|
|
In the meantime, Oi, Brazil's biggest fixed line carrier by geographic reach, continues to lose market share to rivals.
|
|
Similar shenanigans apparently marred Deloitte's audits of Oi, a Brazilian telecoms firm which filed for bankruptcy protection in June.
|
|
Government officials have warned that they are ready to intervene in Oi if needed to ensure continuity of service.
|
|
OI was first discovered in the 1950s by Swedish researcher Per-Ingvar Branemark and is used for dental implants.
|
|
In a Tuesday securities filing, Oi said it is in talks to sell the stake to Investel Communications Ltd.
|
|
Knog Oi Bike Bell | $603 Your sleek road bike deserves better than that clunky hunk of a bike bell.
|
|
A press representative for Oi declined to comment on the report, which cited unnamed sources close to the negotiations.
|
|
Such rifts have led the government to threaten to intervene should stakeholders in Oi fail to reach an agreement.
|
|
Oi declined to comment on the matter and Anatel did not immediately respond to a Reuters request for comments.
|
|
Oi shares erased most of their gains on Monday, with common shares falling 2.7 percent in early afternoon trade.
|
|
MX) is interested in acquiring some or all of the operations run by struggling Brazilian rival Oi SA (OIBR3.
|
|
Ditto for "Fuck Nazi Sympathy" by Aus-Rotten, "Nazi Scum" by Oi Polloi, "Nazi White Trash" by Leftöver Crack.
|
|
As part of the move, Martins stepped down from his position on the board of Oi, the company said.
|
|
In January, Oi sold its 25% stake in Angolan carrier Unitel to state-oil company Sonangol for $1 billion.
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|
When people ask me where I'm from, part of the response is: "Oi, fam - look at this Englistan shirt".
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Even so, Stormzy tweeting about his plans to see Tottenham's gobbiest pop star and having her reciprocate by bigging him up ("Thornton Heath, oi oi") to a crowd of 20,000 people, then dedicating "Make You Feel My Love" to him while he was in the audience, is a certified "holy shit" moment.
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A group of potential bidders led by New York-based investment boutique ACGM Inc and São Paulo-based turnaround firm Íntegra Associados told Reuters their plan will include a financial and an operational overhaul of Oi that would repay lenders more of the company's debt faster and turn Oi around as a company.
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The analysts highlighted potential asset sales that Oi outlined in its court recovery plan, including data centers, fiber networks and mobile operations, but added that no deals are likely until Oi concludes its six-month in-court reorganization and Congress passes a new telecom law expected in the first half of next year.
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According to the person, who spoke on condition of anonymity, Tanure asked to be informed of any Oi board decisions.
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That could create new problems for Oi. An earlier version of this article misstated which company withdrew from merger talks.
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Each effect is accompanied by a light boi-oi-oing, saw wave, or (my best guess) a theremin from hell.
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The filing also said that Brazilian antitrust watchdog CADE would now have the right to attend any Oi board meetings.
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Since March, the government has promised to enact a decree to allow authorities to intervene in debt-laden OI SA .
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On the financial side, the suspension of pending debt payments will allow Oi to preserve cash this quarter, Schroeder said.
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Oi Chief Executive Bayard Gontijo has streamlined operations and worked to cut the company's 35 billion reais in net debt.
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In the filing, Oi said "their proposal treats stakeholders unequally ... and brings uncertainty and delay to the bankruptcy protection process".
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SAO PAULO (Reuters) - A group of a dozen investors, most of which are creditors and shareholders of Oi SA (OIBR4.
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SAO PAULO, Aug 2 (Reuters) - Oi SA, Brazil's largest fixed line telecom firm, called a general shareholders' meeting on Sept.
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Oi filed for bankruptcy protection in June last year under the burden of debts totaling 65 billion reais ($20.6 billion).
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Abadi and Franco said they have been waiting to present their plan until after Oi submitted its debt reorganization proposal.
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On Wednesday, public banks including Banco do Brasil SA, which are Oi creditors, asked the court to delay the meeting.
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Oi also said two of its directors, João do Passo Ribeiro and Helio Calixto da Costa, are leaving the company.
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Oi said in a statement on Monday its board would analyze Société's request, without giving a date for the meeting.
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SAO PAULO (Reuters) - Restructuring firm PJT Partners will step down as financial advisor to Brazilian phone carrier Oi SA (OIBR4.
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Oi currently has 13,700 miles (360,000 kilometers) of fiber in Brazil and its infrastructure is also used by other carriers.
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Representatives for Oi, AT&T and the Brazilian units of Telefonica and Telecom Italia declined to comment on the matter.
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According to the statement, Rio de Janeiro-based Oi has failed to engage in discussions with creditors over its future.
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Abreu reaffirmed that Oi is likely to generate positive cash flow by 2021, as forecast in its July strategic plan.
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Oi' preferred shares ended 2.1% down on Wednesday at 1.39 reais, accumulating gains of over 10% so far this year.
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Officials at Oi said they were unable to comment, beyond the documents released as part of the company's bankruptcy petition.
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Local banks lent 17 billion reais to Oi and extended 10.1 billion reais in guarantees, according to Credit Suisse Securities.
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Oi said that Abreu, as COO, will oversee key areas for the company such as engineering, systems and operational performance.
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Preferred shares in Oi were trading 2.4% down at 1.22 reais after falling as much as 4.8% earlier on Tuesday.
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Prosecutors said they were looking into suspect contracts and payments involving Oi SA and Telefonica Brasil SA up until 2016.
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Oi and Telefonica Brasil, which operates under the Vivo brand in Brazil, did not immediately respond to requests for comment.
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For the latter stages of his life Hokusai lived with his daughter Katsushika Oi who worked as his production assistant.
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Tim's rival Oi closed a deal to provide internet to one of the farms managed by soybean producer and trader AMaggi.
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Oi said in a statement on Monday its board would analyse Société's request, without giving a date for the shareholders meeting.
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Oi, Marble Ridge, Davidson Kempner and Silver Point all declined to comment on the previously unreported bankruptcy court filings and rulings.
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Oi, Brazil's No. 4 wireless phone carrier, also has the largest fixed-line network that loses money on a regular basis.
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In a statement, Anatel said it will take specific measures to ensure Oi continues to operate during the debt restructuring process.
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Oi common shares were trading down 21% on Tuesday at 0.79 real, while preferred shares were falling 12% at 1.10 real.
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HK) may invest up to 20 billion reais ($6 billion) to acquire a majority stake in Brazilian carrier Oi SA (OIBR4.
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Oi did not immediately comment and China Telecom did not immediately respond to a request for comment outside normal business hours.
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CA, calls for an alternative plan to inject up to $1.25 billion into Oi in return for a 95 percent stake.
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Oi filed for Brazil's largest ever bankruptcy protection almost a year ago to restructure 65 billion reais ($19 billion) of debts.
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Rath said the OI implant allows him to move his arm freely compared to the restricted movement afforded by the socket.
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New York oi influenced punks Vanity have returned with "As Expected", a new track that sees a slight change in direction.
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Oi said in the filing that it was unaware of any further talks currently underway between the fund and the company.
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Non-voting shares in Oi were up 6.58 percent at 2.59 reais, bringing year-to-date gains to almost 33 percent.
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According to the person, the choice of Laplace followed Oi Chief Executive Officer Marco Schroeder's presentation of a shortlist of candidates.
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Anatel asked Viana on Tuesday to assess whether business relations between PricewaterhouseCoopers, Deloitte and Oi would present a conflict of interest.
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Both Oi and New York-based PJT Partners Inc, which was hired in February to oversee the restructuring, declined to comment.
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Bloomberg News reported last week that Oi feared that some bondholders who bought CDS were trying to push it into default.
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Photographer Aleks OI was there to capture some of the moments of grief, less than 24 hours after the tragic event.
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In September, Reuters reported that Oi was in talks with Italy's Telecom Italia to sell its mobile unit and avoid insolvency.
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Oi Chief Operating Officer Rodrigo Abreu has said the carrier would consider selling its mobile operation if it gets attractive offers.
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Yet, more Oi creditors, potential new investors and minority shareholders say they want Anatel and other state agencies in their corner.
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Common shares in Oi jumped 4.2 percent to 3.99 reais and preferred shares rose 3.3 percent to 3.80 reais by midday.
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Brazilian telecoms regulator Anatel fears an interruption of Oi services next year, Estado reported, without saying how it obtained the information.
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Oi filed in June for protection from creditors in a 65.4 billion reais ($20 billion) bankruptcy case, the country's biggest-ever.
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SAO PAULO/BRASILIA (Reuters) - The head of Brazil's telecommunications watchdog, Anatel, demanded on Monday that debt-laden carrier Oi SA (OIBR24.14.
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In a statement released after Quadros' comments, Anatel said Oi has 24 hours to present the restructuring plan to the regulator.
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Abreu said Oi expects to divest its Unitel stake this year and has made some progress selling three real estate assets.
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Grupo BTG Pactual SA, which then co-owned a sizable stake in Oi along with some clients, was brokering the deal.
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On Monday, industry watchdog Anatel said Oi will not be stripped of any operating license unless serious customer disruptions take place.
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Another source told Reuters that bondholders already negotiating with Oi were not warned about the company's decision to seek court protection.
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Oi was also an accomplished artist in her own right, represented in the exhibition by some of her own surviving works.
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Executives from all three major carriers - Telefonica Brasil SA, TIM Participações SA and America Movil's Claro - said they could consider a deal with Oi. In October, Abreu told Reuters Oi may consider selling its mobile operation if it gets attractive offers, but he said the company did rely on such move to fulfill its investment goals.
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Oi has long struggled to adapt to the growing mobile market in Brazil and shift away from its dominance in fixed lines.
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For more information, a special report titled "Oi S.A. - At a Crossroads" is available on the Fitch Ratings web site at www.fitchratings.
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Oi filed last month for court protection from creditors on 65.4 billion real ($19.9 billion) of bonds, bank debt and operating liabilities.
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In June, Rio de Janeiro-based Oi filed for Brazil's largest-ever bankruptcy to restructure 65.4 billion reais ($20.30 billion) of loans.
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Apart from bondholders with and without guarantees of Telemar, another force within unsecured creditors is represented by Oi real-denominated note holders.
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Oi, which in June filed for Brazil's largest bankruptcy protection plan on 65.4 billion reais ($21 billion) of liabilities, declined to comment.
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With investors focusing on the high-end of mgmt's guidance, Q1 revenue guidance was in-line and OI guidance is slightly above.
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If he accepts the petition, Oi will then have 60 days to present a reorganization plan for the approval of its creditors.
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A stay of execution, which protects Oi from creditor suits while it devises a plan to avoid bankruptcy, will expire in May.
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A creditors' meeting to vote on a Oi restructuring plan had been scheduled for Monday, but Viana postponed it until Nov. 23.19.
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Oi Chief Executive Officer Marco Schroeder told journalists in Brasilia the carrier would take advantage of any additional time to continue negotiations.
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Oi filed for bankruptcy protection in June to restructure about 65.4 billion reais ($19.2 billion) in bond, bank loans and regulatory liabilities.
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Oi, which filed for bankruptcy protection a year and a half ago, is wracked by divisions between creditors, the board, and management.
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The Syzygy Capital Management Ltd subsidiary owns bonds of Oi's Oi Brasil Holdings Coöperatief UA, Aurelius said in a statement on Monday.
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Oi, which filed for bankruptcy protection a year and a half ago, is riven by divisions between creditors, the board, and management.
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He said the bank was prepared to take a "rational economic" stance to help Oi recover from bankruptcy, but gave no details.
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The government is all for Oi to negotiate a "market-based solution" that helps it emerge stronger from creditor protection, he said.
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Well, yesterday, in the Oi Rio Pro—held in Rio De Janeiro—Gabriel Medina did that impossible thing, and with silky execution.
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In Scotland, overt displays of anti-fascism are usually associated with punk—artists like Oi Polloi and The Wakes have international followings.
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We were going back into a lot of punk that we used to listen to, a lot of obscure punk or Oi!
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The platform, known as Oi Smart Office 4.0, allows companies to conduct remote meetings with up to 100 people through web conference.
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In February, Fridman's investment firm LetterOne Holdings ditched an offer to pump $4 billion into Oi to fund the purchase of TIM.
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Approval of the filing would give Oi 60 days to submit a recovery plan, granting the company a 180-day standstill period.
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Average first-quarter revenue per user at Oi fell 6 percent on an annual basis, while growing or holding steady at rivals.
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Oi is renegotiating 65 billion reais ($20.5 billion) worth of debt, over 10 billion reais of which it owes to telecommunications regulator Anatel.
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The debt corresponds to back fines and levies that Oi failed to honor before filing for creditor protection on June 20 last year.
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Even while there is appetite for consolidation in Brazil's telecommunications industry, a potential merger between Oi and TIM has been greeted with skepticism.
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Oi, whose top shareholders include Portuguese telecom Pharol , said in a securities filing that the company intends to appeal the Portuguese judge's decision.
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The unnamed firm, selected at a board meeting on Wednesday, will help Oi restructure about 41.2 billion reais ($12.8 billion) of financial liabilities.
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It's no surprise that Richard Hell is a fan when the songs are less French poetry than Television's Marquee Moon streamlined for Oi!
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Oi asked for additional time to file its 20-F as it decided to present the document according to U.S. accounting principles (USGAAP).
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While attending the National Prince's Trust Awards in March with Prince Charles, she mentioned that she thought about asking, "Oi, where's my invite?"
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"Swear I just saw Bran at UoB freshers oi @Isaac_H_Wright who's the night king tell me I won't spill swear," one user writes.
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Preferred shares of Oi, which plans to present a reorganization plan by early September, were up 13 percent at 2.33 reais on Thursday.
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Under the plan, Oi would offer new stock to shareholders and, if some of them forgo the chance to subscribe, to other investors.
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Oi, Brazil's fourth largest carrier, filed for Latin America's largest ever bankruptcy protection process last year to restructure 65 billion reais in debt.
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RIO DE JANEIRO (Reuters) - Brazilian telecoms provider Oi SA said on Wednesday a U.S. tribunal approved its request for Chapter 15 bankruptcy protection.
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"Some militia were involved in the lab," said Oi Khun, a communications officer for the 3,000-strong Kaung Kha militia, in an interview.
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The Oi situation remains "very fluid" and it was not fully clear yet how a deal would be structured, the first source said.
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SAO PAULO (Reuters) - New York-based Aurelius Capital Management is behind the formation of a dissident bondholders group at Brazil's Oi SA(OIBR4.
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Oi common shares were up 1.5 percent at 4.41 reais in Tuesday trading in Sao Paulo and have risen 61 percent this year.
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Schroeder said Oi will present an amended debt restructuring plan next month and put it to a creditor vote between April and June.
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In November, the judge overseeing the Oi bankruptcy case, the largest ever in Latin America, effectively removed Oi's board from ongoing debt renegotiations.
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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.
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Their insistence on an alternative to Oi's proposal highlights the conflict between Oi management, shareholders and creditors at Brazil's No. 4 wireless carrier.
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Officials are currently working on providing Oi the necessary support to emerge stronger from bankruptcy protection, Kassab said at an event in Brasilia.
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The Oi Rio Pro in Brazil, which kicks off tomorrow morning, is no exception – but this year, things are a bit controversial. Why?
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SAO PAULO, March 26 (Reuters) - Brazil's biggest fixed-line carrier Oi SA on Thursday reported a larger-than-expected fourth-quarter net loss.
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Oi, which filed for bankruptcy protection in June 2016, said it will receive $699.1 million upfront as part of the deal with Sonagol.
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TELECOM ITALIA (*) Telecommunication group Telefonica plans a deal with Telecom Italia and America Movil to buy the Brazilian OI, Spanish newspaper Expansion said.
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Even if Russian billionaire Mikhail Fridman and Egyptian tycoon Naguib Sawiris resume their pursuit of Oi, other elements could make the process protracted.
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Oi seeks to expand its high-speed broadband to compete more effectively with the local units of Telefonica SA and Telecom Italia SpA .
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In a statement, Société Mondiale vowed to comply with Anatel's decision, noting that all shareholders of Oi have the same goals and rights.
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So, if you've never seen your grandad shout, "Oi rudeboy!" into a microphone, this is an insight into what that might be like.
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Pharol now has no operating assets and merely owns a 27 percent stake in Brazil's ailing telecom firm Oi, which has sought bankruptcy protection.
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That went forward despite protests from minority shareholders in Oi who complained they were being saddled with debt as a result of the deal.
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Oi filed its petition with the court on June 20 after talks with creditors ground to a halt ahead of a July debt payment.
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Unemployment has surpassed 11 percent and requests for bankruptcy protection have risen from companies big and small, including telecom giant Oi SA (OIBR4.SA).
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Some large companies, like rig leaser Sete Brasil Participações SA and phone carrier Oi SA, sought court protection from creditors during the second quarter.
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Brazilian telecom watchdog Anatel on Thursday urged Oi shareholders and board members to keep Chief Executive Marco Schroeder at the helm of the carrier.
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Société Mondiale, controlled by Brazilian businessman Nelson Tanure, is seeking to remove representatives of Ois controlling shareholder, Pharol SGPS SA, from the board.
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Bloomberg News, citing unnamed sources, reported last week that Oi feared that some bondholders who bought CDS were trying to push it into default.
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"Climate change is real," the message stated, next to a polar bear, and another stated "Oi Trump," next to an image of male genitalia.
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The LetterOne proposal was seen as a lifeline for Oi, propping up shares and bonds of the Rio de Janeiro-based carrier for months.
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LetterOne's business unit L1 Technology had offered in October last year to pour up to $4 billion into Oi if it merged with TIM.
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Earlier in November, the board of Oi, which filed for bankruptcy protection 17 months ago, revealed its official restructuring proposal in a securities filing.
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Late on Tuesday, Oi reported a fourth-quarter net loss of 2003 billion reais ($858 million), widening 66 percent from its year-earlier loss.
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Gaining greater board control may open the door to an Oi exit from the firm, though that process will take some time, Brandao said.
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The consolidation would allow one restructuring plan to be voted on for all Oi units at an ongoing creditors meeting in Rio de Janeiro.
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After waiting four hours, they were sent back to the U.S. border patrol, where he was arrested because his visa had just expired. Oi!
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Eurico Teles Neto said he believes Oi´s restructuring plan will be voted on by the creditors at a meeting scheduled for Dec. 19.
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Representatives for Oi did not immediately respond to a request for comment, though the company has repeatedly said the recovery plan is legally airtight.
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The government could forego the spending requirements provided that Oi has a "credible investment plan" to enhance service coverage, the senior government official said.
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Reuters previously reported Oi was in talks with Telefonica and Italy's Telecom Italia about a potential sale of its mobile network to avoid insolvency.
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The capital rise, approved by Oi creditors in December 2017 amid a debt restructuring, had been blocked by another arbitration court judge on Oct.
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The International Bondholder Committee holds more than $2 billion of bonds issued by the two Dutch companies and other members of the Oi group.
|
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A Cerberus Capital Management LP-led group of investors also intends to present an alternative in-court restructuring proposal for Oi carrier by March.
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While not legally binding, the motion passed with consensus, and therefore the UN was provided limited power to endorse an open internet (OI) system.
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SAO PAULO, Dec 14 (Reuters) - A key shareholder in Brazilian telecommunications firm Oi SA on Thursday asked a bankruptcy judge to delay a Dec.
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Over our tasty, slightly undercooked slices and goblets of root beer, we sidled up on Jen's kitchen floor to talk the band's evolution, Oi!
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SAO PAULO, Jan 31 (Reuters) - Brazilian carrier Oi SA appointed Rodrigo Abreu as its chief executive, it said in a securities filing on Friday.
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In June 2016, Oi filed for Latin America's largest-ever bankruptcy protection proceeding, to restructure a debt of approximately 65 billion reais ($16.26 billion).
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Oi said in a securities filing that the Dutch ruling had no impact on its day-to-day operations, including sales, maintenance and investments.
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Under the plan, Oi secured approval from creditors to refinance about 65 billion reais ($17.27 billion) of debt, in Latin America's largest ever debt restructuring.
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The only major 'no' vote appeared to come from national telecoms regulator Anatel, which held billions of dollars in Oi debt through unpaid regulatory fines.
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The Chinese are the latest in a string of foreign investors who have floated a potential cash injection into Oi, Brazil's largest fixed-line operator.
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Oi said in response it believed the CAM lacked jurisdiction, and said it was complying with a plan approved by the commercial court in Rio.
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In an early morning securities filing, debt-laden Oi said its board had finalized a new debt restructuring proposal to take to a bankruptcy court.
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Oi modified its plan in response, changing the structure of fees paid to creditors who agree to inject capital into the carrier, among other measures.
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Under Dutch law, if the court approves the petition, a bankruptcy trustee will be appointed to defend the interests of creditors in Oi Brasil Holdings.
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|
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.
|
|
After the bondholders, state entities including banks and industry regulator Anatel make up the largest Oi creditor group with about 20 billion reais of debt.
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Among the public banks with debt in Oi, which filed for bankruptcy protection 16 months ago, are Banco do Brasil SA and Caixa Economica Federal.
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|
Oi wants to negotiate with bondholders who "care about the company's future," said a second source, who requested anonymity to speak freely about the plan.
|
|
According to the media outlet, Oi Chairman Eleazar de Carvalho has proposed Rodrigo Abreu, a member of Oi's board since September 2018, for the job.
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In sum, though the 3Q19 OI guidance was somewhat disappointing, we would be buyers of any weakness as long as top line trends remain intact.
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The high-end of mgmt's 22Q OI guide is in-line w/ buy-side expectations and reflects investments in 1-Day delivery and S&M.
|
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Schroeder said Oi included an immediate debt-for-equity swap, which he expects will face a creditor vote by June, to accommodate feedback from creditors.
|
|
After the bondholders, state entities, including banks and industry regulator Anatel, make up the largest Oi creditor group with about 20 billion reais of debt.
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Still, earnings before interest, depreciation, taxes, and amortization (EBITDA) fell 2.4 percent to 1.605 billion reais, underscoring the need fresh capital to keep Oi competitive.
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Once the terms have been filed with the court, Oi will try to gather support from the creditors needed to approve it at a Nov.
|
|
That is, until Gabriel Medina did exactly that at the Oi Rio Pro, coasting out with a bewildered shrug to perfect 10s from the judges.
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Oi is in discussions with creditors to restructure 65.4 billion reais ($20.3 billion) of bank, bond and regulatory liabilities after filing for bankruptcy in June.
|
|
Rio de Janeiro-based Oi, which filed for bankruptcy protection in June after talks to restructure 65.4 billion reais in debt collapsed, declined to comment.
|
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In a securities filing, Oi said a group of bondholders that have Moelis & Co as their advisor signed a non-disclosure agreement to join talks.
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|
Local media have speculated that Oi, which has a geographically expansive fixed-line network in Brazil, would then discuss a possible tie-up with TIM.
|
|
Oi ended the first quarter with 1.7 million homes passed in FTTH and expects to reach 3.6 million by the end of 2019, he said.
|
|
They also endorsed injecting 3 billion reais of fresh capital into Oi, revamping governance practices, repaying regulatory debts and equal treatment for Oi's unsecured creditors.
|
|
So-called "break-up fees," resulting from contract breaches by Oi, would be around 10 percent to 13 percent, the company said in the filing.
|
|
Societé Mondiale, a fund that manages influential shareholder Nelson Tanure's stake in Oi, said in a statement that it was "satisfied" with the regulator's demand.
|
|
Brazilian units of Telefonica SA, Telecom Italia SpA and Oi SA have been rushing to expand their fiber-to-home (FTTH) broadband service in Brazil.
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|
One parent came in after class, irate, and demanded to know why I had taught the er/ir/ur diphthong before the oi/oy diphthong.
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Oi has increased its net debt to 15.9 billion reais from 14.7 billion reais in the third-quarter and 11.8 billion reais in December 2018.
|
|
With a cast of 20, the production boasts striking lighting by Benjamin Ehrenreich, well complemented by Jeanette Oi-Suk Yew's shadow puppet and video design.
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|
Rumors have swirled in recent weeks that various players in the telecom industry are in talks to acquire assets from Oi. Reporting by Julia Love
|
|
Their plan entails a $1.25 billion share offering that Sawiris and certain Oi creditors vowed to fully subscribe to if no other investors are interested.
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|
As we get into 2020 and we give our guidance for 2020, we're, of course, going to give annual guidance, revenues, OI, cashflow, et cetera.
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RIO DE JANEIRO, Dec 10 (Reuters) - Brazilian carrier Oi SA said on Tuesday its Chief Executive Officer Eurico Teles will leave the company on Jan.
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Common shares in Oi, which have been volatile in recent years, climbed 4 percent in late morning trade, while preferred shares were off 0.4 percent.
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Oi, Brazil's largest fixed line carrier, filed for bankruptcy in June 2016, triggering an 18-month fight between and among shareholders, bondholders, regulators, and state banks.
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SAO PAULO, Sept 12 (Reuters) - Brazil's Oi SA on Monday said Marcos Grodetzky had stepped down from the phone carrier's board, according to a securities filing.
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The Moelis & Co-led group joined forces with Sawiris "to discuss and evaluate an alternative recovery plan for Oi" during and after it emerges from bankruptcy.
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SAO PAULO (Reuters) - Alvarez & Marsal, PricewaterhouseCoopers and Deloitte & Touche are pursuing a mandate to administer the bankruptcy protection process for Brazilian telecommunications group Oi SA (OIBR4.
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O Estado de S. Paulo newspaper reported this week, without citing sources, that Sawiris had been considering buying Oi, which is currently in debt restructuring talks.
|
|
Neither source said whether the group would pledge new money, although the first source noted that Oi does not need fresh cash in the short term.
|
|
The group is likely to unveil terms of the takeover proposal to Oi before shareholders and creditors vote on a reorganization plan, the same source added.
|
|
SAO PAULO, Aug 31 (Reuters) - Rio de Janeiro prosecutors have asked the court supervising Oi SA's bankruptcy proceedings to suspend a shareholders meeting scheduled for Sept.
|
|
In the second half of this year, Oi also intends to start negotiations with potential international investors interested in providing capital to the company, Schroeder said.
|
|
Oi said in a statement on Friday that 33,000 small creditors had accepted the company's offer to restructure individual debts of less than 50,000 reais ($15,685).
|
|
Assuming that those loans do not enjoy credit support from Oi SA - as the Moelis-led group did during prior talks, is wrong, the letter said.
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Labriola also criticized what he called the "pricing irrationality" of rival carriers, calling out rival Oi SA's offerings on TV as "unsustainable" in the long run.
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The question is whether they can restructure their debts and avoid the fate of Oi. If they fail several big firms will be saying "tchau" instead.
|
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Grupo Oi is talking to China Development Bank over a $210 bln loan to buy Tim Participacoes, Il Sole 210 Ore said, citing rumours from Brazil.
|
|
Anatel, for instance, could allow Oi to swap part of its 10 billion-real debt to the regulator for new investments, two senior government officials said.
|
|
Oi Marketing Director Roberto Guenzburger added that the company has been reassigning frequencies previously used for 2G that became idle as customers migrate to faster technologies.
|
|
Oi executives suggested last week they could increase the size of the capital hike to 9 billion reais, but creditors did not vote on the change.
|
|
Even with investments rising, Oi generated 7.431 billion reais worth of operational cash, 62 percent more than a year earlier but slightly below the first quarter.
|
|
His season turned around with a win at the Oi Rio Pro in Brazil in May, followed by consistently strong finishes in events around the globe.
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But the source agreed that if Oi meets certain performance targets, the Moelis proposal would give the Telemar bondholders an additional four basis points of recovery.
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All company-owned stores are now closed and Oi is currently monitoring traffic to activate new circuits if needed to guarantee stability in all its services.
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Oi confirmed recently that it has hired financial advisers to put a value on its mobile operation, which has draw the interest of its largest rivals.
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"Oi's competitors were already facing a more favorable competitive scenario, which may improve further with Oi in trouble," said Luiz Azevedo, an analyst with Bradesco BBI.
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Oi added that the decision was rooted in formalities, not on the merits of the restructuring plan, which was approved by the company's creditors in December.
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In 2013 it approved a merger with Portugal Telecom, which already had a stake in Oi. At that time the two companies had the same chief executive.
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Over the last two years, while Oi has been stuck in bankruptcy protection proceedings, competitors such as the local units of Telecom Italia SpA (TIMP3.SA)(TLIT.
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Oi has sought to exchange at least 11 billion reais ($3.5 billion) of fines into wireless phone network investments, as a way to facilitate exiting bankruptcy protection.
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The board of Oi, which filed for bankruptcy protection 17 months ago, first presented a restructuring plan earlier in November, which major private creditors have publicly rejected.
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On Monday Egyptian billionaire Naguib Sawiris told newspaper Folha de S.Paulo Oi could be merged with TIM Participações if his bid for the troubled carrier was successful.
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SAO PAULO, Aug 23 (Reuters) - Brazil's largest fixed telephone carrier, Oi SA, said minority shareholder Société Mondiale made changes in a proposed plan to revamp its board.
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The byproduct of a government-sponsored merger at the end of last decade, Oi succumbed to a heavy debt burden, mounting competition and years of shareholder disputes.
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Newspaper O Estado de S. Paulo reported on Monday that Oi had hired law firm Galdino, Coelho, Mendes Advogados to help draft a possible bankruptcy protection filing.
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Before filing for creditor protection, Oi failed to merge with a rival partly because the rules threatened to hamper the combined entity, sources said at the time.
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Although Oi has no sizeable assets in the United States, it has strategic commercial agreements with large U.S. telecom carriers related to interconnection fees, the source said.
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Earlier in October, a Brazilian court cleared the way for arbitration talks between Oi and shareholder Pharol SGPS SA overseen by Brazil's B3 SA stock exchange operator.
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Don't Be Shy is one of three albums Katorga Works is releasing in the coming months including London oi band Crown Court and Washington DC's Pure Disgust.
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The phone company has no intention of merging its TIM Participações SA unit with Brazilian wireless carrier Oi SA, a spokesman for Telecom Italia said on Tuesday.
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SAO PAULO (Reuters) - Accounting firm BDO declined to replace PriceWaterhouseCoopers in the in-court restructuring of Brazilian carrier Oi SA, BDO said in a statement on Friday.
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The filing confirmed a Reuters report that Oi Brasil Holdings Coöperatief UA and Portugal Telecom International Finance BV, would remain operating under "suspension of payments" legal status.
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Mismanagement has not helped Oi. As the company has struggled to digest a merger with Portugal Telecom, it has chewed through six chief executives in five years.
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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.
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In a Tuesday securities filing, Oi said the board approved the issuance of up to 3.803,756,054,163 new shares, corresponding to a maximum 12.29 billion reais ($3.81 billion).
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In an emailed statement, the International Bondholder Committee group said it "remains committed to finding a consensual solution" to restructure the debt of the two Oi subsidiaries.
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Rio de Janeiro-based Oi made Brazil's largest ever bankruptcy filing in June to restructure about 65 billion reais ($20.9 billion) of bond, bank and regulatory liabilities.
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Clever lighting (by Jeanette Oi-Suk Yew) and costuming (by Ciera Wells-Jones) preserve the illusion of Mr. Augustine's mask even when he wades into the audience.
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Varying from the show's usual "Oi you lot stop going on apps or your phones will murder you dead" vibe, the season's fourth installment offered something different.
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Instead of a typical bell that attaches to your handlebars, the Oi bike bell is merely a discreet, curved piece of metal (that attaches to your handlebars).
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Last week, Chief Executive Officer Marco Schroeder said Oi expects to present a plan to overhaul business and repay creditors later this month or by early September.
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Oi said in a separate filing that the move, which it described as "sounding out the market," showed that there was market interest in its mobile operation.
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In September, Reuters reported that Oi was in talks with the local subsidiaries of Spain's Telefonica SA and Telecom Italia SpA to sell assets and avoid insolvency.
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"There will be neither 5G nor high-speed broadband service in Brazil without Oi, either as a carrier or an infrastructure provider to other carriers," Abreu said.
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"Oi reiterates that the decision does not impact the solidity or efficacy of the (restructuring) plan, whose execution was preserved by the bankruptcy judge," the company said.
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Last week, Rio de Janeiro-based Oi, which is Brazil's fourth-largest fixed-line operator, filed for court protection to restructure 65.4 billion reais ($19.4 billion) in debt.
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Brazil's telecommunications watchdog Anatel has temporarily suspended two Oi SA board members appointed by Société Mondiale, claiming their representatives may have influenced board decisions without the agency's permission.
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A source with knowledge of the situation said the group of bondholders already negotiating with Oi had not been warned about the company's intention to seek court protection.
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Oi Chief Executive Officer Marco Schroeder told Reuters on June 9 that the company was working on a proposal to raise 8 billion reais from shareholders and investors.
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Oi, the byproduct of a government-sponsored merger at the end of the last decade, succumbed to a heavy debt burden, mounting competition and years of internal disputes.
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In a securities filing, Rio de Janeiro-based Oi pledged to continue with plans to streamline the size of operations, improve technology and infrastructure and revamp sales strategies.
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Oi Chief Executive Officer Marco Schroeder said on Thursday the new plan is an improvement as it offers a debt-for-equity option to accommodate feedback from creditors.
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In late July, Oi completed a debt-for-equity swap in which several hedge funds swapped billions of dollars in debt for fresh equity in the reorganized firm.
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Oi last week posted a wider-than-expected second-quarter loss as the phone carrier was forced to close currency-hedging positions because of its bankruptcy protection case.
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Oi made the largest bankruptcy protection filing in Brazil's history in June as it tried to renegotiate 65.4 billion reais($20.40 billion) of bank, bond and regulatory liabilities.
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Last week, Rio de Janeiro-based Oi, which is Brazil's fourth largest fixed-line operator, filed for court protection to restructure 65.4 billion reais ($19.4 billion) in debt.
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In Brazil, America Movil's second-largest market, speculation has been rife about possible acquisitions of some or all of the operations of struggling rival Oi SA (OIBR4.SA).
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With the latest decision, Oi is authorized to proceed with the transaction, which is part of its efforts to restructure 65 billion reais ($17.35 billion) in debt obligations.
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Oi, Brazil's largest fixed-line carrier, filed for bankruptcy protection in June 2016, and an 18-month fight between and among shareholders, bondholders, regulators, and state banks ensued.
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A stay of execution, which protects Oi from creditor suits, will expire in May, said a source close to bondholders who is not allowed to talk in public.
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Anatel in November temporarily suspended two Oi board members appointed by Societe Mondiale on suspicion they had participated in meetings and influenced decisions affecting the carrier without permission.
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The creditor groups had said in August they would agree to swap 26.1 billion reais worth of their Oi bond holdings for 88 percent of the company's equity.
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In turn, a rise in preferred shares lost steam - a sign minority shareholders see an intervention speeding up a takeover of Oi and a buyout of their holdings.
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Corrado Varoli, CEO of G5 Evercore, which is advising the International Bondholders Committee, said the list of funds provided by Oi were those that were eligible to participate.
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Rio de Janeiro-based Oi, the byproduct of a government-sponsored merger in 2008, succumbed to a heavy debt burden and mounting competition after years of shareholder disputes.
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Oi bondholders represented by Moelis & Co, which own about 13 percent of the company's total outstanding debt, unveiled the plan last week to rescue the debt-laden carrier.
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A Telecom Italia representative in Italy denied that "any negotiations are underway with Oi." New entrants would not face the same antitrust hurdles as companies already in Brazil.
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A Telecom Italia representative in Italy denied that "any negotiations are underway with Oi." New entrants would not face the same antitrust hurdles as companies already in Brazil.
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In June, Oi filed for Brazil's largest-ever bankruptcy protection process, in an effort to restructure about 65 billion reais ($21 billion) of bond, bank and regulatory liabilities.
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The International Bondholder Committee, which holds more than $2 billion of bonds issued by the two Dutch companies and other Oi units, declined to comment on Wednesday's ruling.
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Brazilian newspaper O Globo reported on Saturday in its online version that Huawei was joining forces with China Mobile to potentially enter a dispute to buy Oi SA .
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The activist, controlled by Brazilian businessman Nelson Tanure, known for investing in companies in financial difficulty, acquired a stake in Oi after it filed for bankruptcy protection in June.
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SAO PAULO (Reuters) - Three distressed asset funds have sued for the right to participate in a 4 billion reais ($33 billion) capital increase for Brazilian telecom Oi SA (OIBR4.
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NEW YORK, Feb 20173 (IFR) - Bonds issued by Brazilian wireless carrier Oi suffered multi-point declines on Thursday on news that merger discussions with larger rival TIM had collapsed.
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The WH-2350XM3 can still pump out deep bass, like the low thumps on "Doing It Right" by Daft Punk or the thundery pulses on "Oi-1" by Biosphere.
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"The aggressive action by a minority owner of the bonds was not unexpected," Oi said, adding that it is ready to defend itself in the Netherlands from such actions.
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Oi proposes to inject up to 9 billion reais, of which 6 billion reais would come from a stock offering and the rest through the debt-for-equity swap.
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"These additional lines would allow Oi to kick the can down the road with the company facing a potential liquidity shortfall in 2017, rather than late 2016," it said.
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According to a first source, Oi and adviser PJT Partners Inc will sit down with a group of about 133 bondholders including Pacific Investment Management Co, BlackRock and Citadel.
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The watchdog added it believed Oi would balance its accounts, but it would take further action as needed for the sake of the systemic stability of Brazil's telecommunications industry.
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Oi filed for Latin America's largest bankruptcy protection proceeding three years ago, and asset managers are now its largest shareholders after the conclusion of a debt-for-equity swap.
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Rio de Janeiro-based Oi said late on Thursday that it "is not aware of the arguments that could create a basis" for the cancellation of its operating licenses.
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Ownership of Unitel is split equally between Isabel dos Santos, Brazilian telecoms company Oi, Angolan state oil company Sonangol and Angolan businessman and former government official Leopoldino do Nascimento.
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Oi filed last month for court protection from creditors on 65.4 billion real ($19.9 billion) of bonds, bank debt and operating liabilities, Brazil's biggest filing ever of its kind.
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Deloitte has acted as external auditor of Portugal Telecom SGPS, which merged in 2013 with Oi. Deloitte was later replaced by KPMG, according to regulatory filings from Portugal Telecom.
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Rio de Janeiro-based Oi said late on Thursday that it was "not aware of the arguments that could create a basis" for the cancellation of its operating licenses.
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The abrupt resignation of Oi Chief Executive Marco Schroeder on Friday, just two weeks ahead of a crucial creditor vote, heightened tensions and raised questions about Anatel's next steps.
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The situation draws the battle lines forming ahead of negotiations between Oi, creditors and the court overseeing Brazil's largest-ever bankruptcy, with 65 billion reais ($20 billion) of liabilities.
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In December, creditors in Oi approved a plan to restructure some 65 billion reais ($17.7 billion) in debt which will result in shareholders' equity being diluted by 72 percent.
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The board of Rio de Janeiro-based Oi formalized the hiring of Laplace at a meeting on Wednesday, said the person, who requested anonymity because the matter remains private.
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Oi said it believed CAM lacked the authority to interfere with the debt restructuring plan and that the scheme had already been approved by several judicial authorities in Brazil.
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Their proposal contrasts with the management plan to inject 8 billion reais worth of capital into Oi through a sale of new stock and a debt-for-equity swap.
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The situation draws the battle lines forming ahead of negotiations between Oi, creditors and the court overseeing Brazil's largest-ever bankruptcy, with 953 billion reais ($20 billion) of liabilities.
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Oi and government officials are discussing how to better treat an 11 billion-real fine it owes to telecommunications watchdog Anatel to accelerate the bankruptcy protection case, Schroeder said.
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The bee pronouncer, Jacques Bailly, a former champion, offered alternative pronunciations of "koinonia," one with the "oi" of classical Greek and one with the "ee" of the modern language.
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Jessie: I'm thinking of "Sour Candy," where we were like, "We need to toughen this up a little bit," and we went back and listened to a specific Oi!
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Oi lost a net 200 million reais ($63 million) in the quarter, down sharply from a loss of 1.815 billion reais a year ago, according to a securities filing.
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Shares of telecom carrier Oi SA rose 23441.48% after a report Spain's Telefonica SA was in talks with Mexico's America Movil and Telecom Italia to buy the company's assets.
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America Movil is not in negotiations with Telefonica and Telecom Italia about making a joint bid for OI assets, a spokesman for the Mexican telecommunications firm said on Monday.
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SAO PAULO (Reuters) - Egyptian billionaire Naguib Sawiris will travel to Brazil in two weeks to persuade the government his bid is the best option to rescue Oi SA (OIBR4.
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SAO PAULO, Dec 4 (Reuters) - Brazilian carrier Oi SA plans to double capital expenditure in its business-to-business segment in 2020 compared with 2019, executives said on Wednesday.
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The decision to file for bankruptcy came two months after Oi and several creditors began talks to restructure about 50 billion reais in debt owed to banks and bondholders.
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If Wednesday's ruling stands, court-appointed trustees for Oi Brasil Holdings Coöperatief UA and Portugal Telecom International Finance BV will be tasked with liquidating the units to repay creditors.
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SAO PAULO, Sept 22 (Reuters) - Chinese telecoms equipment maker Huawei Technologies Co said on Sunday it was not interested in acquiring struggling Oi SA or any other Brazilian carrier.
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MOSCOW, Feb 25 (Reuters) - London-based investment firm LetterOne, controlled by Russian billionaire Mikhail Fridman, said it could not proceed with its plan to facilitate a proposed merger between Brazilian telecoms groups Oi SA and TIM Participações SA. "L1 Technology has been informed by TIM that ... it does not wish to enter into further discussions, about the facilitation of a merger between Oi and TIM in Brazil," LetterOne said in a statement on Thursday.
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BRASILIA, May 16 (Reuters) - Brazilian telecom Oi SA , the country's most indebted phone carrier that is fighting for survival, said on Monday in a securities filing that it has talks this week in New York to start bond talks with Moelis & Co. Oi formally started negotiations to restructure $14.3 billion of bonds on April 25 when a group of bondholders that have Moelis & Co as their advisor signed a non-disclosure agreement to join talks.
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According to Estado, Quadros said excluding the Anatel debt from the Oi process will prevent the agency from accepting losses that often go north of 70 percent in similar cases.
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She also went on to kid about how she had thought of asking Prince Charles, "Oi, where's my invite?" while the pair attended the National Prince's Trust Awards in March.
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In a statement, the regulator said Oi, Brazil's No. 4 wireless carrier, owes 20 billion reais ($6.2 billion) in fines, twice the value the company has reported to the court.
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Aurelius unit Syzygy Capital Management Ltd owns bonds sold by Oi Brasil Holdings Coöperatief UA, a Netherlands subsidiary of the Brazilian phone company, Aurelius said in a statement on Monday.
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MILAN, Jan 10 (Reuters) - Telecom Italia has no intention of merging its TIM Participações SA unit with Brazilian wireless carrier Oi SA, a spokesman for Telecom Italia said on Tuesday.
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Oi, which approved a plan to emerge from bankruptcy protection in December, has received new capital from former creditors and is set for another capital injection in the coming months.
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LetterOne, which is controlled by Russian billionaire Mikhail Fridman, said last year that it would invest up to US$4bn in Oi if it merged with its rival TIM Participacoes.
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Nevertheless, preferred shares in Oi have risen 44 percent so far this year after touching a record low on June 21, a day after the carrier filed for creditor protection.
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Oi has filed for Latin America's largest bankruptcy protection proceeding three years ago, and asset managers are now its largest shareholders, after the conclusion of a debt-for-equity swap.
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BRASILIA, June 20 (Reuters) - Brazil's telecom carrier Oi SA signed a debt standstill agreement for 180 days with state-owned development bank BNDES, the newspaper Valor Economico said on Monday.
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Oi also reported losing 3.3 billion reais in the final quarter of 2016, a narrower loss from the comparable quarter in 2015 due to cost cutting and lower financial expenses.
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"In the face of this notification, Oi will continue to analyze the possibilities of consolidation in the Brazilian market," the filing quoted Chief Financial Officer Flavio Nicolay Guimarães as saying.
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BRASILIA, Sept 20 (Reuters) - The president of Brazil's telecommunications watchdog Anatel, Juarez Quadros, said the agency will vote against OI SA's restructuring proposal at the creditor assembly on Oct. 9.
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Given the unprecedented scale of the Oi case, there has been speculation that the Judge Fernando Viana, who is overseeing Oi's bankruptcy, could appoint two court-administrators, the sources said.
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The cost of insuring the Oi subsidiary's bonds for one year through credit default swaps BRTO1YUSAC=MP were unchanged on Monday at $620,000 per every $1 million of principal protected.
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Oi, which filed for bankruptcy protection in June 2016 to restructure approximately 13 billion reais of debt, reported net revenue of 5.091 billion reais, down 8.2% from a year before.
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When the soundtrack goes electro-pop, the soft-hued lighting (by Jeanette Oi-Suk Yew) and music (by Larry Heinemann) converge to feel, fleetingly, less like Russia than Virgin America.
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Rio de Janeiro-based Oi made Brazil's largest ever bankruptcy filing in June, and is seeking to restructure about 65 billion reais ($20.8 billion) of bond, bank and regulatory liabilities.
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Oi is Brazil's largest fixed-line carrier, employs some 140,000 people and is the only phone company in 13,800 Brazilian towns, or about one-third of the nation's 5,500 municipalities.
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Several state banks have lent billions in reais to Oi, leading creditors and government officials to discuss options ahead of the presentation of Oi's recovery plan expected late next week.
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The Oi restructuring, which started in June 2016 and remains Latin America's largest bankruptcy protection case to date, has been marked by a series of disputes between creditors and shareholders.
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Mid-America Apartment Communities (MAA) and AmSurg (AMSG) join the S&P 500, swapping places in the S&P MidCap 400 with Owens-Illinois (OI) and Legg Mason (LM) respectively.
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Oi is two weeks away from a crucial creditor vote on a proposal to restructure 65 billion reais (US$20 billion) of debt in Latin America's largest-ever bankruptcy proceedings.
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According to the complaint, Aurelius - due to its indirect stake in Nextel - would break Brazilian anti-trust rules if its debt restructuring proposal for Oi were to go into effect.
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SAO PAULO (Reuters) - Brazilian phone carrier Oi SA faced two setbacks from the government on Monday in its efforts to pull off the country's biggest-ever in-court debt restructuring.
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Oi said earlier on Monday the new proposal would be filed shortly with the court in Rio de Janeiro that oversees Oi's proceedings to restructure 65 billion reais in debt.
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Shares of Oi jumped 4% on news that the bill cleared the committee stage before drifting back down again on Sao Paulo's stock market, while Telefonica Brasil SA gained 1.1%.
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Oi, which is trying to restructure about 65.4 billion reais ($20.4 billion) of debt after filing for Brazil's largest ever bankruptcy protection in June, did not have an immediate comment.
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Reuters reported last month that Oi was in preliminary talks with Spain's Telefonica SA and Italy's Telecom Italia SpA to sell its mobile network and avoid a potential cash crunch.
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While Oi has vowed to maintain service quality, operations could suffer as potential customers opt for rival carriers, or existing clients and suppliers severe ties with the company, analysts said.
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The ruling, which overturned a lower court's decision in February, gives Oi the chance for a final appeal before the Dutch Supreme Court, which the company said it would request.
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Common shares in Oi, which have become extremely volatile in recent months, closed up 13.4 percent at 4.50 reais on Wednesday, while preferred shares closed up 6.1 percent at 3.47 reais.
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The fight for the chance to invest in Oi, Brazil's largest fixed line carrier, reveals a sharp turnaround in investors' perception of a company that flirted with liquidation a year ago.
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Earlier in March, Pharol said it won a partial injunction from Brazil's Market Arbitration Chamber (CAM) to block Oi from implementing a debt-for-equity swap outlined in the creditors' plan.
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Pharol is currently the largest shareholder in Oi, with 27 percent of voting shares, a steep barrier for any rival investor group looking to change the board at a shareholder assembly.
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The minority investor is also seeking the annulment of a March 2015 shareholders meeting in which an agreement between Oi and Portugal Telecom SGPS, as Pharol was previously known, was approved.
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Economic headwinds and fierce competition from the local units of Telefonica SA, Telecom Italia SpA and America Movil SAB have contributed to investor concerns about Oi managing its heavy debt load.
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Shares of Brazil's largest listed banks slumped on concern a decision by phone carrier Oi SA on Monday to seek creditor protection would force lenders to raise loan-loss provisions sharply.
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In a securities filing on Tuesday, Oi said Société Mondiale replaced candidate João Pinho de Mello for Durval José Soledade Santos and added a new candidate for the board, William Steers.
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Oi has been looking to secure additional funding to cover short-term debt maturities, including credit lines from banks and a US$1.2bn facility from the China Development Bank, Barclays said.
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In June 2016, Oi filed for Latin America's largest-ever bankruptcy protection proceeding, to restructure a debt of approximately 65 billion reais, setting off a protracted battle among creditors and shareholders.
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The Oi deal would also dwarf the $5.2 billion restructuring of former billionaire Eike Batista's OGX Petróleo e Gás SA two years ago, heretofore the largest such deal in the country.
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In a statement, Oi said the terms of the capital raise will be discussed with creditors and proceeds will be used to raise the carrier's investments in broadband and wireless coverage.
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Before securing court protection against creditors on Tuesday, Oi had engaged in restructuring talks with a group of over 30 investment firms advised by Moelis & Co for more than two months.
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Genish said at that time he did not rule out consolidation in the Brazilian market but added it was premature to discuss any potential tie-up with Oi given its state.
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The board also formally rejected the alternative proposals by the groups of creditors Ad Hoc Group of Oi Bondholders and International Bondholders Committee, advised by Moelis & Company, G5 Evercore and FTI.
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Under the deal, unsecured bondholders will be able to participate in the capitalization of Oi by swapping a portion of their debt securities for shares in the company, the filing said.
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Demand is particularly strong among U.S. soldiers who lost limbs in wars in the Middle East, according to Horst Aschoff, an expert in OI at the Hannover Medical School in Germany.
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Reuters reported in April that Aurelius and Elliot Management Corp were among the firms holding a sizable part of the $1 billion in net CDS exposure to Oi. $1 = 0.8802 euros
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Under the proposed terms, Oi would sell 6 billion reais of new shares to current bondholders and other investors and swap some debt for no more than 25 percent of capital.
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The two groups have approached Oi about purchasing the company once it emerges from bankruptcy protection, in a process that would involve a capital injection, an executive told Reuters in September.
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Like its competitors in Brazil, Oi is focused in expanding its fiber-to-the-home (FTTH) broadband service and 4.5G coverage ahead of a hotly anticipated 5G spectrum auction next year.
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The question facing Oi now is how to pay for already acquired equipment as it seeks an in-court reorganization of 65.4 billion reais in bonds, bank debt and operating liabilities.
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Common shares in Oi, which have become extremely volatile in recent months, climbed 6.3 percent to 4.22 reais in afternoon trade, while preferred shares were up 2.8 percent at 3.36 reais.
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SAO PAULO, March 7 (Reuters) - Brazilian telecom Oi SA named on Wednesday Carlos Augusto Brandão as its new Chief Financial Officer and head of investor relations, according to a securities filing.
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The byproduct of a government-sponsored merger at the end of last decade, Oi succumbed to a heavy debt burden, onerous government-mandated investments in money-losing activities and shareholder problems.
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Brazilian wireless carrier TIM Participações will consider acquiring assets of its struggling rival Oi SA if they are put up for sale, TIM Chief Executive Officer Pietro Labriola said on Tuesday.
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SAO PAULO, Nov 24 (Reuters) - The chief executive of Brazilian telecommunications firm Oi SA, Marco Schroeder, has tendered his resignation, three sources with knowledge of the situation told Reuters on Friday.
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Rio de Janeiro-based Oi, which also controls Brazil's No. 4 wireless operator, filed for bankruptcy protection in June after talks to restructure 65.4 billion reais ($20 billion) in debt collapsed.
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Opposing the company is the Ad Hoc Group of Oi Bondholders, the International Bondholders Committee, and a group of export credit agencies, which together hold about 23 billion reais in debt.
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Oi lost a net 3.303 billion reais ($1 billion) last quarter, about 16 times the size of the first quarter's 200 million-real shortfall, according to a securities filing on Wednesday.
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PJT and Oi are discussing the size of a break-up fee and the company will start looking for a new financial advisor as early as next week, the sources said.
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This compares to a profit of 30.5 billion reais in the first quarter of 2018 after Oi reached an agreement with creditors in an in-court debt reorganization of the company.
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"The likely passage of PLC 79 would be credit positive for the entire Brazilian telecom industry, but especially for Telefonica Brasil SA and Oi SA, still in bankruptcy protection," Moody's said.
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BRASILIA/RIO DE JANEIRO, Oct 11 (Reuters) - Brazilian phone carrier Oi SA on Wednesday submitted a plan to cut its 65.4 billion-real ($21 billion) debt burden to a commercial court.
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Prosecutors said that Oi paid more than 132 million reais ($32 million) between 2004 and 2016 to firms in the Gamecorp/Gol group for services they were ill-equipped to provide.
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Preferred shares in Oi fell as much as 4.8% to 1.18 reais in early Sao Paulo trading, while preferred shares in Telefonica Brasil fell as much as 2.8% to 55.32 reais.
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"B2B has always been important to Oi and it will be even more so from now on," Abreu said, highlighting the division is currently the carrier's largest after its mobile operation.
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His remarks come more than a month after struggling rival Oi, which filed for bankruptcy protection in June 2016, acknowledged hiring financial advisors to put a value on its mobile unit.
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In July, Oi disclosed plans to raise up to 7.5 billion reais by selling non-core assets - including towers, data centers, real estate and its 25% stake in Angolan carrier Unitel.
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Sawiris told Bloomberg News on Tuesday that he would be ready to invest in Oi if the company agrees on a restructuring, obtains fresh capital and outlines a strong industrial plan.
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Speaking to reporters while exiting the Finance Ministry in Brasilia, Oi CEO Marco Schroeder said the group could take advantage of a delay to reach a "slightly more consolidated" restructuring proposal.
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BRASILIA, April 25 (Reuters) - Brazilian phone carrier Oi SA on Monday said it is in confidential talks with creditors advised by Moelis & Co to restructure bonds, according to a securities filing.
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The government is not considering intervening in Oi at this point, on hopes creditors and shareholders can reach a negotiated solution that involves no state bailout, Communications Minister Gilberto Kassab said.
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Few reports have mentioned last night's show at Santos Party House, but the venue's closure a matter of hours after the event appears to suggest that "Oi Fest" was the cause.
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Oi has some 38 billion reais in net debt, which is five times its earnings before interest, taxes, depreciation and amortization, according to a research note issued this month by JPMorgan Chase.
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SAO PAULO, Aug 1 (Reuters) - Brazilian telephone carrier Oi SA said on Wednesday that a commercial judge in Lisbon has overruled the company's restructuring plan as approved by its creditors in Brazil.
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The byproduct of a government-sponsored merger at the end of last decade, Oi, Brazil's No. 4 wireless carrier, succumbed to a heavy debt burden, mounting competition and years of shareholder disputes.
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Some shareholders see a restructuring facilitating a potential takeover of Oi, which they say could help narrow the gap with rivals controlled by Spain's Telefónica and Mexican billionaire Carlos Slim's América Móvil.
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SAO PAULO, Nov 8 (Reuters) - FIA Société Mondiale, the minority shareholder barred by the Brazilian government from the board of wireless carrier Oi SA, said on Tuesday it will respect the decision.
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Oi, the byproduct of a state-sponsored merger eight years ago and the only Brazilian carrier controlled by domestic capital, for years spent heavily to cope with mandatory fixed-line expansion goals.
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"The matter of the concessions by-laws worries us," Schroeder said, adding Oi continues to defend a system that re-directs mandatory spending in fixed-line services to investments in wireless networks.
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The Houlihan-Metrica group is one of the few gearing up for tough bankruptcy talks with Oi, which succumbed to a heavy debt burden and mounting competition after years of shareholder disputes.
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Oi, Brazil's largest fixed-line carrier, is going through heavy debt restructuring after filing for bankruptcy protection in 2016, and Genish said any push for a tie-up would be "extremely irresponsible".
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Tanure's letter underscored the tough road ahead for Oi, whose reorganization program has been hampered by escalating shareholder disputes and protracted negotiations with bondholders since the plan was presented on Sept. 5.
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The suggestions of the studies division will now be sent to the board of Anatel, which will deliberate further, the source said, adding Oi will hold a board meeting on Wednesday morning.
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Oi has proposed giving financial creditors 25 percent of its equity or convertible bonds callable in three years, at which point they could own up to 38 percent of the company's shares.
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SAO PAULO, Oct 23 (Reuters) - The judge overseeing phone carrier Oi SA's bankruptcy protection case has agreed again to postpone the creditors assembly that was originally scheduled for Monday until Friday Nov.
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Investel has offered to pay around $36 million for Oi's direct and indirect stakes in Timor Telecom and assume $26 million in Timor Telecom debt to Oi-related entities, the filing said.
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Oi also received a ruling in the United States where a tribunal approved its request for Chapter 15 bankruptcy protection, preventing creditors from suing in that country or foreclosing on U.S. assets.
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The Abadi-advised group is one of the few gearing up for tough bankruptcy talks with Oi, which succumbed to a heavy debt burden and mounting competition after years of shareholder disputes.
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Schroeder's comments suggest that Oi will not let the reform's current legal limbo slow negotiations with creditors to restructure about 65.4 billion reais ($21.1 billion) of bank debt, bonds and regulatory liabilities.
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" Even the crowd got in on the act, as Phil Tuffnell, the England bowler found out to his cost during the 1990-91 tour to Australia when a spectator yelled: "Oi Tuffnell!
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Reuters reported on June 23 that New York-based investment bank Houlihan Lokey Inc and Metrica Investments LLC have stepped up talks with owners of Oi Brasil and Portugal Telecom International bonds.
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The product of a state-sponsored merger eight years ago aimed at building a homegrown giant in a market dominated by foreign firms, Oi was even regarded as a potential global player.
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SAO PAULO, Nov 6 (Reuters) - Brazilian telecommunications carrier Oi SA said on Tuesday in a securities filing that an arbitration court judge reversed a ruling that had blocked a proposed capital increase.
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Shortly before Oi's announcement, Pharol said its Brazilian subsidiary Bratel SARL had won a partial injunction from Brazil's Market Arbitration Chamber (CAM) to block Oi from implementing the debt-for-equity swap.
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"The Paper Hat Game" has been assembled by a team that includes Colbert Davis and Matt Hubbs (the nerve-plucking sound design), Jeanette Oi-Suk Yew (the melting lighting) and five puppeteers.
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"We delivered a good performance in the first half with a combination of underlying revenue growth, cash OI (operating income) growth and profit growth," Chief Executive Paul Zwillenberg said in an interview.
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With the U from that entry and the OI/EE below it, I knew that the first letter of the Down entry had to be QUOIN/QUEEN, which gave me RANCOR/RANGER.
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The activist, controlled by Brazilian businessman Nelson Tanure, is known for investing in financially distressed companies and acquired a stake in Oi after the telecom company filed for bankruptcy protection in June.
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RIO DE JANEIRO, March 23 (Reuters) - The board of Brazilian telecoms company Oi said on Friday it had approved an organizational restructuring which includes the creation of two new executive director posts.
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According to one investor who received the Aurelius letter, before Oi SA's June 20 bankruptcy filing, Telemar Norte-backed notes traded 10 cents on the dollar wider to non Telemar-backed notes.
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Oi said in a securities filing that PJT would help to "evaluate strategic and financial alternatives to optimize its liquidity and debt profile," while the company's operational and commercial focus remained unchanged.
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SAO PAULO (Reuters) - Oi SA posted a wider-than-expected second-quarter loss as the Brazilian phone carrier was forced to close currency-hedging positions because of its protracted bankruptcy protection case.
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Brazilian telecommunications firm Oi SA is in talks with Spain's Telefonica SA and Italy's Telecom Italia to sell its mobile network to avoid insolvency, five people with knowledge of the matter said.
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In a statement on Tuesday, the group accused Oi of being reluctant to share key information which it said prevents creditors from taking a stance on decisions such as potential asset sales.
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But in the quarterfinals of the Oi Rio Pro in Brazil in late June, he limped out of the water with a ruptured A.C.L. It was rebuilt using ligaments from his hamstring.
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The SLPC had written that Oi was part of "a scene long associated almost solely with neo-nazis," and declared that "The skinheads are coming to New York City" with the festival.
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He also presented Helio Costa, his pick for an Oi board seat, as head of the carrier's institutional relations while allegedly promoting board initiatives as if they were his own, the person said.
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In addition, the proposed claims would seek monetary damages from former executives of Oi and Santander Brasil, which was responsible for evaluating the assets involved in the merger, according to the minority shareholder.
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The singer revealed the tracklist on Thursday for You Make It Feel Like Christmas — her first holiday album and song since covering The Vandals' "Oi To The World" with No Doubt in 1997.
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In a late Thursday filing, Oi said Bridge, acting on behalf of a fund holding 6.6 percent of Oi's capital, had given eight days to call a shareholder meeting to replace board members.
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Both groups and export credit agencies are owed a combined 22.6 billion reais by Oi. The bankruptcy's resolution has been stalled by growing tensions between the board, management, shareholders, bondholders and the government.
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One of the potential creditors that could join the group is distressed debt fund Aurelius Capital Management LLC, which sued Oi in the Netherlands over the Portugal Telecom bonds, said the first source.
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In a securities filing on Monday, Rio de Janeiro-based Oi said service quality would also be maintained during the process, adding it would aim at meeting standards set by industry watchdog Anatel.
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The Oi saga took another twist on Friday when a minority investor called for the replacement of most of its board, underscoring deep divisions among major shareholders that derailed recent negotiations with creditors.
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Analysts at Itaú BBA led by Susana Salaru estimated that Oi management's proposed capital hike would represent a premium of 42 percent over current prices, while imposing a 73 percent loss on bondholders.
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He said the nominal value of the bond debt, about 32 billion reais, would be reduced by 70 percent while debt notes representing about 10 billion reais would be converted into Oi equity.
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Shareholders see a restructuring facilitating a potential takeover of Oi, which they say could help narrow the gap with rivals controlled by Spain's Telefónica SA and Mexican billionaire Carlos Slim's América Móvil SAB.
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Oi "intends to conclude the ongoing restructuring process promptly, as it believes that conducting negotiations with a sole steering committee representing the company's bondholders will make the process more agile," the filing said.
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This is the fourth extension granted Oi by Orascom, which offered in December an exchange of debt for shares and a capital injection of as much as $1.25 billion in the phone company.
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Among those reasons is that Aurelius bought debt it holds in Oi for a fraction of its face value, and is seeking to gain unusual profits from the current dispute, Societe Mondiale said.
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Brazil's bankruptcy protection law allows Oi to stay current on its bills going forward, but freezes all payments on services rendered before the Monday filing while creditors negotiate how to settle the debts.
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On Wednesday, Oi posted a second-quarter net loss of 1.5 billion reais ($390 million), 24% larger than a year earlier, as debt servicing costs rose and the real weakened against the dollar.
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Prior to the bankruptcy filing, the Moelis-led proposal would give existing bondholders of Oi 95 percent of the company, a plan that irked some major shareholders in Brazil's largest fixed-telephone operator.
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Cerberus, which specializes in private equity and distressed debt investments, could still arrange partners to advance on the Oi proposal should the company's shareholders and bondholders agree to discuss it, the person added.
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The petition for bankruptcy protection from Oi, Brazil's fourth-biggest mobile provider, and six subsidiaries came after talks with creditors ground to a halt earlier this month ahead of a July debt payment.
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On Thursday, Reuters reported that, while negotiating its mobile network with Spain's Telefonica SA and Telecom Italia SpA, Oi is also involved in preliminary talks with AT&T Inc and another Chinese company.
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In December, creditors in Oi, Brazil's largest fixed-line operator, approved a plan to restructure some 65 billion reais ($17.7 billion) in debt which will result in shareholders' equity being diluted by 72 percent.
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RIO DE JANEIRO (Reuters) - Brazilian telecommunications industry watchdog Anatel is slated to decide on changes to the structure of carrier Oi SA's board in the coming days, a senior government official said on Monday.
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Oi Chief Executive Officer Marco Schroeder told Reuters on June 9 that he will present an amended restructuring plan this month and put it to vote at an assembly of creditors by around September.
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"We believe Disney can continue to deliver solid margin expansion at Parks and healthy growth in Studio OI, particularly with a strong content slate and continued ability to monetize on successful franchises," Swinburne said.
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In a securities filing, Oi said that magistrate Marco Buzzi had "provisionally" awarded jurisdiction in the dispute to a commercial court in Rio de Janeiro over an arbitration body that Pharol had appealed to.
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SAO PAULO (Reuters) - Brazilian telecommunications regulator Anatel on Friday rejected an appeal by Société Mondiale Fundo de Investimento regarding its nomination of two alternative members to the board of phone company Oi SA (OIBR3.
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Debt-servicing also poses a challenge for Oi, whose debt is 75 percent denominated in currencies other than the Brazilian real, which fell 16 percent against the U.S. dollar over the past two years.
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In December, Oi received a binding proposal from a group of bondholders supported by Orascom TMT Holdings SAE to inject up to $1.25 billion into the carrier in exchange for a 95 percent stake.
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London-based investment firm LetterOne, controlled by Russian billionaire Mikhail Fridman, said it could not proceed with its plan to facilitate a proposed merger between Brazilian telecoms groups Oi SA and TIM Participacoes SA .
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LetterOne, which is controlled by Russian billionaire Mikhail Fridman, had vowed to pour $4 billion into Oi SA should it merge with larger rival TIM Participações SA. TIM is controlled by Telecom Italia SpA.
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SAO PAULO, June 15 (Reuters) - Oi SA said in a securities filing on Wednesday that it is unaware of any intentions by Egyptian billionaire Naguib Sawiris to bid for Brazil's most indebted phone carrier.
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SAO PAULO/LISBON (Reuters) - The chief executive of Oi SA has resigned, its largest shareholder said on Friday, as the Brazilian telecommunications firm enters a crucial phase in Latin America's biggest-ever bankruptcy proceedings.
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SAO PAULO, Sept 2 (Reuters) - Brazilian telecom provider Oi SA is set to file its bankruptcy reorganization plan with a Rio de Janeiro court on Monday, two sources familiar with the situation told Reuters.
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Debt-servicing also poses a challenge for Oi, whose debt is 75 percent denominated in currencies other than the Brazilian real, which fell 4.73 percent against the U.S. dollar over the past two years.
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BRASILIA, Aug 15 (Reuters) - Brazilian telecoms regulator Anatel met with representatives of phone carrier Oi and mediators on Tuesday for confidential talks, Anatel said in a statement on Tuesday, amid Oi's protracted bankruptcy process.
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Despite considering a potential share dilution, Silva told Valor that Pharol had a long-term interest in Oi, adding it was "highly unlikely" Pharol would relinquish its equity stake during Oi's court-supervised reorganization.
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In July, Oi disclosed a strategic plan aiming to divest up to $2 billion in non-core assets and invest in fiber-to-home (FTTH) broadband service, considered the heart of the company's strategy.
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Last December, creditors in Oi, Brazil's largest fixed line telecom company, approved a plan to restructure about 65 billion reais ($17.7 billion) in debt after 18 months of testy negotiations between bondholders and shareholders.
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Oi, which is trying to restructure about 65.4 billion reais ($20.4 billion) of debt after filing for Brazil's largest ever bankruptcy protection in June, did not immediately respond to an emailed request for comment.
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In a statement, the group said Sawiris and his company Orascom TMT Investments SARL have already committed to subscribe $250 million worth of new Oi shares in an offering, with bondholders committing $750 million.
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Oi on Monday unveiled through a securities filing a restructuring proposal that includes a provision requiring the company to pay bondholders significant annual fees in exchange for capital they would inject into the carrier.
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In separate securities filings, TIM's Brazilian unit TIM Participações and Telefonica Brasil said they had expressed an interest in negotiating a joint offer to buy the mobile unit of bankrupt Brazilian carrier Grupo Oi .
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Debt-servicing also posed a challenge for Oi, whose debt is 75 percent denominated in currencies other than the Brazilian real - which fell 16 percent against the U.S. dollar in the past two years.
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Oi could also be allowed to deduct some investments from the fines it owes to Anatel, the newspaper said, but many government officials are skeptical that it would be able to meet capital spending goals.
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"The management believes that the approved plan serves all the stakeholders in a balanced manner and guarantees the operational viability and sustainability of the companies in recovery," Oi said in a filing early on Wednesday.
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SAO PAULO, July 8 (Reuters) - Alvarez & Marsal, PricewaterhouseCoopers and Deloitte & Touche are pursuing a mandate to administer the bankruptcy protection process for Brazilian telecommunications group Oi SA, according to two sources familiar with the matter.
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SAO PAULO, Oct 13 (Reuters) - Brazilian telecommunications watchdog Anatel said on Thursday the value of fines that Oi SA owes is much higher than the initial figures presented to the court in the bankruptcy protection.
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BRASILIA, April 11 (Reuters) - Shareholders in Brazil's Oi SA will be diluted by 72.12 percent, the indebted phone carrier said on Wednesday, after receiving information regarding the option chosen by bondholders to receive their credits.
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SAO PAULO, Nov 22 (Reuters) - Brazil's telecom industry watchdog Anatel has been in talks with six investors interested in wireless carrier Oi SA, which is operating under bankruptcy court protection, Anatel's president said on Tuesday.
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Brazil's harshest recession in a century, and a political crisis that has delayed a long-sought overhaul in industry rules that could eventually favor Oi, may discourage bondholders from giving the company further breathing room.
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Nonvoting shares of Oi slumped 10 percent on Monday as the approaching deadlines for debt repayments added to fears that the company could default or seek bankruptcy protection in the middle of the debt restructuring.
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SAO PAULO (Reuters) - Shares in Brazilian telecoms carrier Oi SA posted heavy losses on Tuesday, after media reports that its largest shareholder, GoldenTree Asset Management, is seeking to replace Oi's Chief Executive Officer Eurico Teles.
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The departure of former Oi Chief Executive Officer Bayard Gontijo accelerated the decision to file for court protection, after a majority of the company's board opposed the direction of talks with the Moelis-led group.
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Reuters reported in April that Aurelius and Elliot Management Corp were among the firms holding a sizable part of the $1 billion in net CDS exposure to Oi. Editing by Alan Crosby and Matthew Lewis
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SAO PAULO, June 20 (Reuters) - Oi SA, Brazil's largest fixed-line phone carrier, plans to maintain its operations, management and workforce at normal levels once a bankruptcy court approves a plan to seek creditor protection.
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One feature of OI is that users can feel some sensation from mechanical vibration in their skeleton, otherwise known as osseoperception, but there is currently no commercially-available product to restore a sense of touch.
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The decision to begin talks with the Moelis-advised group leaves unclear how, or whether, Oi will negotiate with other creditors such as hedge funds that have bought credit default swaps linked to Oi's bonds.
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Brazil's harshest recession in a century, and a political crisis that has delayed a long-sought overhaul in industry rules that would eventually favor Oi, may discourage bondholders from giving the company further breathing room.
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