Oi Bondholders Said to Mull $2.9 Billion Debt-to-Equity Swap
- Carrier said to start formal talks with creditors Wednesday
- Final proposal including haircut seen completed this month
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Oi SA, the most indebted phone operator in Brazil, may receive a proposal from bondholders to convert as much as 10 billion reais ($2.9 billion) in debt into equity, said a person with knowledge of the matter.
The idea is likely to be discussed Wednesday, when the Rio de Janeiro-based carrier will start negotiations with bondholders represented by Moelis & Co., the person said, asking not to be named because the discussions are private.