Former telco execs join up for Oi bid

News General Brazil 21 JUL 2016
Former telco execs join up for Oi bid
A consortium of investors made up of Joao Cox, former president of Claro; Mario Cesar de Araujo, former president of TIM; Renato Carvalho, founder of the Integra consultancy and US investment bank ACGM, have entered in the race to take control of Brazilian operator Oi. Speaking to daily O Estado de Sao Paulo, Cox said that the team is talking with various investors with the aim of becoming one of the biggest shareholders of Oi, the largest fixed-line and fourth biggest mobile telephony operator in Brazil. According to him, if Oi is well managed, it has the conditions to become competitive again.

Categories:

General

Companies:

TIM,  Claro,  Oi

Countries:

Brazil

Tags:

Bankruptcy - Insolvency, M&A buyouts & divestments

Related Articles

BRAZIL 23 NOV 2016

Anatel president says at least six groups interested in Oi

The president of Brazil's National Telecommunications Agency (Anatel), Juarez Quadros said that he had already spoken with representatives of six groups interested in telecommunications operator Oi, under judicial reorganization, reports Reuters. According to Quadros, none of the interested parties are active in the sector, all of them are representatives of investment funds. He added that he will meet this week with Egyptian billionaire Naguib Sawiris, who has allied with a group of Oi bondholders to devel

BRAZIL 20 JUL 2016

Oi responds to report that debt may rise

Brazilian telecom operator Oi has issued a statement to the Securities and Exchange Commission (CVM) in response to an article by daily O Globo, claiming that its debt may increase by up to BRL 2 billion. Oi said it is evaluating any invoices that have not been processed as of 20 June, the date of filing the application for judicial reorganisation, in order to update the complete list of creditors. However, this survey is not yet complete, so it is not possible for Oi to disclose the present value of the de

BRAZIL 18 JUL 2016

Brazilian regulator authorises change of control of Oi

Any change of control of Brazilian telecommunications group Oi will have to be previously approved by the National Telecommunications Agency (Anatel), according to a decision of the Court of Rio de Janeiro, reports Lusa. The judge "granted the request by Anatel for prior approval from the agency for possible transfer of corporate control of the companies Oi and Telemar Norte Leste and replacing the members of the company's Board of Directors", according to a statement issued by the Court.

BRAZIL 17 JUL 2016

Oi on track with recovery plan - CEO

The negotiations of Brazilian operator Oi with its financial creditors include the entry of new shareholders in the company's capital, said CEO Marco Schroeder. In an interview with Valor Economico, the executive said that this solution is necessary given the limited number of options to reach an agreement with bondholders of Oi, which hold BRL 36 billion of the company's debt securities. Schroeder added that there are no talks with investors or other companies about a possible merger or sale of Oi. Separat

BRAZIL 14 JUL 2016

Oi creditors oppose restructuring – report

A growing number of creditors of bankrupt Brazilian operator Oi are joining a group that opposes the reorganisation plans, people familiar with the matter told Bloomberg. The opposition group is advised by New York-based investment bank Houlihan Lokey and represents about USD 2 billion of bonds.

BRAZIL 12 JUL 2016

PointState Capital buys 5.16% of Oi

Brazilian operator Oi, currently in judicial reorganisation, has been informed by PointState Capital that it has become the indirect holder of a total number of 34,500,000 common shares issued by Oi. These are equivalent to 5.16 percent of the company's outstanding shares, by means of the ownership of 6,900,000 American Depositary Receipts (ADR).

BRAZIL 6 JUL 2016

Oi to get judicial administrator

Brazil's National Telecommunications Agency (Anatel) has published a notice in the Official Gazette for the selection of a judicial administrator for Brazilian operator Oi, following its request for judicial recovery. Legal entities interested in participating should apply by 08 July. Previously, Judge Fernando Cesar Ferreira Viana determined that Anatel should indicate up to five names of legal entities with competence and expertise to be evaluated for appointment as judicial administrator of the case.

BRAZIL 5 JUL 2016

Morgan Stanley enters shareholding structure of Oi

Brazilian telecom operator Oi has announced that Morgan Stanley reached 50,503,269 common shares, equivalent to 7.6 percent of Oi's outstanding common shares. It has also reached a short position of 24,493,777 common shares, equivalent to 3.7 percent of the outstanding common shares of the operator.

Just In

16:41

BBC Board Deputy Chair to step down at end-June

16:31

Apple to open new permanent office in Dublin, expands Cork facility

16:20

Videotron selects Samsung for 5G NSA, 4G LTE core upgrade

16:12

Ezee Fiber acquires DayNet; expands network in Detroit, Oregon

Commentary

11 FEB 12:29

Odido shareholders face tricky exit after abandoned IPO

2 FEB 13:49

KPN results show little bother from the competition

2 JAN 13:21

Open Dutch Fiber's new management team takes up turnaround challenge

15 DEC 2025 13:56

Video market set for slower growth ahead

Background

16 FEB 00:17

The week in telecoms: Cisco rides AI investment wave and European telcos invest in South America

9 FEB 01:54

The week in telecoms: hyperscalers vie for capex crown, Telenor and Vodafone profit from smaller footprints

2 FEB 00:45

The week in telecoms: Verizon sparks fears of US price war, Apple beats Samsung in Q4, Telekom ramps up fibre marketing

26 JAN 00:31

The week in telecoms: Netflix and Ericsson all about cash, EU sketches out rip-and-replace and copper transition plans

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.