News
Flavio Nicolay Guimares heads for the exit as Brazilian telco’s bondholders draft new bankruptcy plan.
Oi this week announced that its chief financial officer Flavio Nicolay Guimarães has resigned, a week after the company presented a controversial debt restructuring plan.
Guimarães, who also served as Oi’s investor relations officer, has been replaced by Ricardo Malavazi Martins, who has stepped down from the board to take up his new role. Martins spent six years as chief financial and investment officer of Petros, the pension fund owned by troubled Brazilian oil company Petrobras.
Oi owed 65 billion reais (€17 billion) when it filed for creditor protection in June, which includes BRL15.4 billion worth of liabilities held by regulators and tax authorities, and approximately BRL34 billion held by unsecured creditors, which includes bondholders.
Last week, Oi filed a debt restructuring plan that controversially offered bondholders new debt worth approximately 30% of what they are owed.
Oi is also considering asset sales, including real estate and its mobile unit, and has also proposed converting fines owed to Brazilian regulator Anatel into investment commitments.
Reuters reported last week that a committee of bondholders deemed Oi’s bankruptcy plan unacceptable.
The group is working with other creditors to submit an alternative debt restructuring proposal. According to the report the group represents more than 60% of Oi’s total financial liabilities.
