OI: Company Proposes R$ 9.6 Billion Capital Increase In Restructuring Plan

(RTTNews) - Brazilian telecom company Oi's new restructuring plan foresees a R$ 9.6 billion capital increase, with creditors taking responsibility for most of the injection. In August, the company expected an R$ 8 billion capital increase.

According to the plan, Oi should raise at least R$ 7,1 billion with its creditors - R$ 3.5 billion in cash and R$ 3.6 billion converting debt into equity. The company also expects to submit to shareholders a R$ 2.5 billion capital increase proposal.

Oi's debt with Brazilian regulatory agency - which amounts to R$ 11 billion - would be paid in 240 months, with a 20% down payment.