SAO PAULO (Reuters) – A group of bondholders that are Oi SA’s (OIBR4.SA) largest creditors demanded on Sunday that the company’s top executives meet them as soon as possible to renegotiate a debt plan.
In a letter viewed by Reuters that was addressed to top Oi executives and board members, Oi’s two biggest bondholder groups demanded the carrier’s executives meet in New York to “negotiate in good faith and on an expedited basis the terms of an acceptable plan(s) of reorganization.”
The letter was sent by the main advisors of the International Bondholders Committee the Ad Hoc Group of Oi Bondholders.
An emailed request for comment from Oi was not immediately returned Sunday night.
The Oi restructuring, which started in June 2016 and remains Latin America’s largest bankruptcy protection case to date, has been marked by a series of disputes between creditors and shareholders.
On Friday, the steering committees of the bondholder groups and the so-called ECAs rejected Oi’s recovery plan presented on Wednesday.
They said the company “seems to have spent time negotiating with a small group of conflicted creditors, some or all of whom also hold equity, for a failed deal that focuses exclusively on preserving value for the existing shareholders.”
Oi’s revised restructuring plan proposed by management and approved by the carrier’s board “ignores fundamental creditor concerns, threatens long-term viability of company and abusively enriches existing shareholders,” said the statement.
Reporting by Brad Brooks; Editing by Jonathan Oatis
Announced today, a new feature for Uber drivers will require a selfie photo before each shift to verify their identities. Real-Time ID Check aims to prevent fraudulent use of a driver’s account and provide customers with a greater sense of confidence in the ride-sharing company. “Driver account sharing or theft is a low-frequency problem right now, but when it happens it’s a high-severity thing for us so it makes sense to put our security resources on it,” Uber chief security officer Joe Sullivan told USA Today. “We’ve been testing this new system with tens of thousands of drivers in the past months,…
This story continues at The Next Web
Hewlett Packard Enterprise is said to be looking to sell its software division, which would include the business from its disastrous acquisition of Autonomy in 2011, according to news reports.
The enterprise IT company that emerged from the breakup of Hewlett-Packard has been restructuring its operations recently, including a $ 8.5 billion deal announced in May to spin off and merge its enterprise services business with CSC. A sale of the software business would leave the company focused largely on servers, networking, storage, business critical systems and technology services.
To read this article in full or to leave a comment, please click here
InfoWorld Cloud Computing
Ten years after setting out to shake up the auto industry and ‘hydro-carbon’ economy, Musk readies his Master Plan Part 2
What happens when every part of an online entertainment empire is engineered to be everything to everyone, all of the time. The post Netflix’s Grand, Daring, Maybe Crazy Plan to Conquer the World appeared first on WIRED.