BRASILIA, June 17 (Reuters) - Brazilian telecom firm Oi SA has not reached an agreement yet with creditors over a debt restructuring, and it is not certain that the negotiations will continue or produce any results, the company said in a statement on Friday.
Oi said it informed creditors that about 60 percent of its accounts receivable were offered to Brazilian banks as collateral. It said it had not yet responded to a proposal made by a committee of bondholders.
Oi’s restructuring would be Latin America’s second-biggest ever, behind a $15 billion debt overhaul by Mexican cement maker Cemex SAB in 2009, data compiled by Thomson Reuters showed.
Gross debt at Rio de Janeiro-based Oi totaled 49.4 billion reais ($14.3 billion) at the end of March, the largest by far in Brazil’s slumping telecommunications industry. The company’s Chief Executive Bayard De Paoli Gontijo resigned from the post on Friday amid the talks.
Reporting by Silvio Cascione