Aurelius Said to Amass Oi Stock as Bankruptcy Battle Deepens
- Volume surged following word of telecom company’s bankruptcy
- Unlike U.S., stockholders tend to drive Brazilian negotiations
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Aurelius Capital Management is scooping up shares of Oi SA to bolster the hedge fund’s position in negotiations to restructure $19 billion of debt at the struggling Brazilian telephone company, people with knowledge of the matter said.
Aurelius, which last week pushed back against a debt reorganization plan proposed by a group of Oi’s biggest creditors, started buying stock about the time that Oi sought bankruptcy protection in Brazil on June 20, said the people, asking not to be named because the matter is private.