(Adds comment, details of bondholder group)
SAO PAULO, Sept 8 (Reuters) - The reorganization plan presented by Brazilian phone carrier Oi SA to a bankruptcy court this week was rejected by a group of bondholders on Thursday, who accused the company of putting the interests of shareholders first.
The steering committee for Oi’s biggest organized group of bondholders, which holds 40 percent of Oi bonds by face value, said the company’s proposal includes a debt reduction of 22 billion reais ($6.9 billion), which they called “unacceptable.” The committee said it is working with other creditors to submit an alternative debt restructuring proposal.
“Instead of working with the creditors to present a plan that had the support of various lender groups, Oi submitted a plan which prioritizes the interests of its shareholders and representatives,” according to the Thursday statement.
The proposal that Oi presented on Monday to a Rio de Janeiro bankruptcy court gave 70 percent haircuts on the nominal value of the bond debt.
Representatives for Oi and controlling shareholder Pharol SGPS did not immediately respond to requests for comment.
The bondholder group said it was working with other unnamed company creditors and that together they represented more than 60 percent of the company’s total financial liabilities.
The bondholder group is being advised by lawyers at Cleary Gottlieb Steen and Hamilton LLP, and Pinheiro Neto Advogados.
Moelis & Co, which represented bondholders in negotiations with the company prior to its bankruptcy filing on June 20, continues to be the group’s financial adviser, the statement said.
The bondholder group is comprised of about 70 institutions that represent about 40 percent of the face value of Oi’s 34 billion reais of bonds. The group’s steering committee holds bonds worth $2 billion in face value, the statement said. ($1 = 3.17 Brazilian reais) (Reporting by Ana Mano; Editing by Jeffrey Benkoe)