July 19, 2017 / 8:20 PM / a year ago

Brazil's Oi board approves $2.5 billion capital raise plan

SAO PAULO, July 19 (Reuters) - The board of Oi SA on Wednesday approved a plan to raise 8 billion reais ($2.5 billion) in fresh capital from shareholders and investors as a way to accelerate the Brazilian wireless carrier’s emergence from bankruptcy.

In a statement, Oi said the terms of the capital raise will be discussed with creditors and proceeds will be used to raise the carrier’s investments in broadband and wireless coverage.

Oi Chief Executive Officer Marco Schroeder said the capital raise will allow a new cycle of investments and growth at Oi, which filed for Brazil’s largest bankruptcy protection a year ago.

Reuters first reported the capital hike plan on June 9. ($1 = 3.1471 reais) (Reporting by Tatiana Bautzer; Editing by Sandra Maler)

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