The Steering Committee of the ad hoc group of Oi bondholders extended its mutual collaboration arrangements with Egyptian telecommunications entrepreneur Naguib Sawiris and his Sawiris Group through a new agreement.
Over the last month, the Sawiris group and the Steering Committee have made significant progress toward developing an alternative restructuring plan and post-judicial recovery operating plan for Oi and its subsidiaries, they said in a statement. Both partners expect that the alternative plan will be ready in the next 30 days.
The Steering Committee does not support Oi's plan filed in early September in its judicial reorganization proceedings, saying the plan favours Oi's existing equity holders to the detriment of its creditors.
