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Oi’s Largest Shareholder Rejects Recovery Plan in Brazil

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Pharol SGPS, former Portugal Telecom and largest shareholder of Brazilian telecommunications operator Oi, said on Friday (January 27th) that it would only support an alternative reorganization plan if backed by Oi’s Board. Oi filed for bankruptcy recovery in June of 2016, with debts totaling over R$65 billion.

The Pharol SGPS statement specifically referred to a proposal made by billionaire Paul Singer's Elliott Management Corp this week, according . . .

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