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SAO PAULO, March 9 (Reuters) - Brazilian telecommunications company Oi SA has hired PJT Partners Inc as a financial advisor, the company said on Wednesday, after Russian billionaire Mikhail Fridman's investment company dropped a financing offer last month.
Oi said in a securities filing that PJT would help to "evaluate strategic and financial alternatives to optimize its liquidity and debt profile," while the company's operational and commercial focus remained unchanged.
Shares in Oi have reached their lowest in decades and Moody's downgraded the company's debt to Caa2 with a negative outlook following Fridman's decision to back away from an offer to bankroll a tie-up with rival TIM Participações SA. (Reporting by Juliana Schincariol)