December 2, 2016 / 7:22 PM / 2 years ago

Brazil's Oi signals outright debt-to-equity swap to creditors -sources

SAO PAULO, Dec 2 (Reuters) - Oi SA could scrap a proposed three-year restriction on creditors swapping part of their debt for equity, in a sign that Brazil’s No. 4 wireless carrier wants to lure bondholder support to exit bankruptcy protection faster, two people with knowledge of the matter said on Friday.

The limit, which Oi included in a reorganization proposal on Sept. 5, drew creditor anger and helped slow the carrier’s in-court restructuring. Chief Executive Officer Marco Schroeder told Oi’s two bondholder groups this week that shareholders now seem less reluctant to accept a debt-for-equity swap, the people said. (Reporting by Guillermo Parra-Bernal and Tatiana Bautzer; Additional reporting by Ana Mano in São Paulo; Editing by Paul Simao)

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