October 2, 2017 / 8:57 PM / a year ago

CORRECTED-Brazil Oi's creditors announce alternative restructuring plan

(Corrects first paragraph to make it clear that proposal rivals plan put forward by management, was not passed by management)

SAO PAULO, Oct 2 (Reuters) - Oi SA’s two biggest creditor groups on Monday announced an alternative plan to restructure the wireless carrier’s debt, about a month after their first attempt to rival a revamped proposal from the company’s management.

In a statement, the International Bondholder Committee and the Ad-Hoc Group of Oi bondholders said they would agree to swap 26.1 billion reais ($8.3 billion) worth of their Oi bond holdings into the equivalent of 88 percent of the company’s equity. They would also endorse injecting 3 billion reais of capital into Oi.

$1 = 3.15 reais Reporting by Bruno Federowski; Editing by Tom Brown

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