December 18, 2017 / 4:55 PM / a year ago

Brazil state bank BNDES still weighing Oi restructuring plan

RIO DE JANEIRO, Dec 18 (Reuters) - Brazilian state development bank BNDES will decide on Monday how to vote on a restructuring plan proposed by telecommunications firm Oi SA at a meeting of creditors on Tuesday, bank president Paulo Rabello de Castro told journalists.

BNDES will only support a turnaround plan that improves Oi’s cash flow, technology and service quality, he said. The telecom, which filed last year for protection from creditors in Latin America’s biggest-ever bankruptcy case, owes billions of dollars to state banks and regulators. (Reporting by Rodrigo Viga Gaier Editing by Chizu Nomiyama)

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