(Corrects headline and 1st paragraph to clarify that Oi is not suspending dividend payments, only its current dividend policy; adds details)
RIO DE JANEIRO, Jan 29 (Reuters) - The board of Oi SA , Brazil's most indebted phone carrier, decided to suspend its dividend payment policy for the 2013-2016 period as it struggles to pay down debts.
Instead, the company said in a securities filing on Thursday that it would follow the rule established in its bylaws, which determine the distribution of 25 percent of its adjusted net profit as dividends.
Previously, Oi would distribute as dividends 25 percent of its adjusted net profit, or 3 percent of its net assets, or 6 percent of its corporate capital, whichever was larger.
Oi has been trying to sell assets as it struggles to keep up investments, pay dividends and pay down a hefty debt load. (Reporting by Walter Brandimarte; Editing by Meredith Mazzilli)