August 1, 2018 / 12:46 PM / 4 months ago

Brazil's Oi says Portugal judge overrules restructuring plan

SAO PAULO, Aug 1 (Reuters) - Brazilian telephone carrier Oi SA said on Wednesday that a commercial judge in Lisbon has overruled the company’s restructuring plan as approved by its creditors in Brazil.

Oi, whose top shareholders include Portuguese telecom Pharol , said in a securities filing that the company intends to appeal the Portuguese judge’s decision.

Under the plan, Oi secured approval from creditors to refinance about 65 billion reais ($17.27 billion) of debt, in Latin America’s largest ever debt restructuring. ($1 = 3.7631 reais) (Reporting by Ana Mano; Editing by Christian Plumb)

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