RIO DE JANEIRO, Aug 10 (Reuters) - Phone carrier Oi SA, which filed in June for Brazil’s largest ever in-court reorganization, will present a plan to overhaul business and repay creditors later this month or by early September, Chief Executive Officer Marco Schroeder said on Wednesday.
Schroeder told reporters in Rio de Janeiro, where Brazil’s largest fixed-line phone operator is based, that suppliers and creditors will be offered terms of the business reorganization plan, which involves a debt-for-equity swap. He declined to elaborate.
Oi, the byproduct of a government-sponsored merger between two rival carriers in 2008, filed in June for creditor protection in a Rio de Janeiro court to restructure 65.4 billion reais ($21 billion) in debt. (Reporting by Rodrigo Viga Gaier; Writing by Guillermo Parra-Bernal; Editing by Sandra Maler)