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Brazil bankruptcy judge weakens Oi board, bolsters management
November 30, 2017 / 12:11 PM / 12 days ago

Brazil bankruptcy judge weakens Oi board, bolsters management

SAO PAULO, Nov 30 (Reuters) - A Brazilian bankruptcy judge overseeing Oi SA’s in-court debt restructuring has put newly appointed Chief Executive Officer Eurico Teles in charge of negotiating with creditors, the telecom operator said in a filing.

The move, disclosed late on Wednesday night, gives Teles powers to draft a debt restructuring plan and present it to the judge without board approval, a move that severely weakens the power of influential shareholder Nelson Tanure.

According to the filing, Teles is the “person responsible for conducting and concluding negotiations” by Dec. 12, the new deadline for a proposal to restructure some 65 billion reais ($20 billion) of debt in Latin America’s biggest bankruptcy case ever.

$1 = 3.26 reais Reporting by Gram Slattery; Editing by Lisa Von Ahn

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