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General

Aurelius warns of potential Oi default by 29 May

Monday 16 May 2016 | 10:13 CET | News
Aurelius Capital Management is claiming a unit of Brazilian operator Oi will potentially be in default if it doesn't fix breaches of its debt covenants by 29 May, reports Bloomberg. Capricorn Capital, a fund affiliated with Aurelius, said in a letter to Oi's Portugal Telecom International Finance unit, or PTIF, that the borrower "has failed to comply with" a number of clauses in the bond indenture, thus "resulting in a potential event of default." In the same letter, Aurelius said the issuer has until 29 May before the default will be triggered and the bonds must be paid immediately. 

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Categories: General
Companies: Oi / Portugal Telecom
Countries: Brazil
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