RPT-Investors say bid for Brazil's bankrupt Oi can win over creditors

viernes 9 de septiembre de 2016 07:00 GYT

(Repeats with no changes)

By Ana Mano

SAO PAULO, Sept 8 (Reuters) - Investors planning a bid to take over Brazil's bankrupt phone carrier Oi SA said Thursday they can win over disgruntled creditors with a more attractive debt repayment offer than the company's management put forward early this week.

A group of potential bidders led by New York-based investment boutique ACGM Inc and São Paulo-based turnaround firm Íntegra Associados told Reuters their plan will include a financial and an operational overhaul of Oi that would repay lenders more of the company's debt faster and turn Oi around as a company.

After creditors holding at least 40 percent of Oi's unsecured debt rejected management's restructuring proposal soon after it was presented on Monday, the group came forward and told Reuters on Thursday it plans to present a counter proposal.

"One thing that distinguishes our proposal is that it is both a financial and operational restructuring plan," Carlos Abadi, founding partner of ACGM, said.

Renato Carvalho Franco, founding partner of Íntegra added: "We understand the issues concerning both sides," the company's shareholders and lenders.

ACGM and Íntegra represent about three dozen investors whom they were not permitted to name. They did say the potential investors included hedge funds, private equity firms and at least one telephone carrier.

In Oi's plan, unsecured creditors faced a debt writedown of 22 billion reais ($6.8 billion), meaning a 70 percent haircut on all such claims.   Continuación...