(Bloomberg) -- Under judicial protection since mid March, Brazilian telecom operator Oi plans to seek emergency funding of at least 4 billion reais as well as to renegotiate debts.
The plan was approved by the company’s board on late Friday, according to a filing, and indicates the measures Oi and its subsidiaries will adopt in order to strengthen its capital structure.
Oi said it will seek “at least” 4 billion reais in emergency funding while it carries out the other measures provided for in the plan, including a capital increase and divestment of assets.
“The plan reflects the negotiations held to date with our main creditors and other stakeholders for debt restructuring,” the company said. “We continue negotiations with financial creditors and other unsecured creditors regarding the specific terms and conditions.”
Oi’s judicial reorganization plan was granted by Rio de Janeiro’s 7th Corporate Court. The company’s board had a 60-days deadline to present the plan after the court decision was published.
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