August 2, 2018 / 9:30 PM / 2 months ago

UPDATE 1-Brazil's Oi proposes new board for shareholders meeting

(Adds board members names)

SAO PAULO, Aug 2 (Reuters) - Oi SA, Brazil’s largest fixed line telecom firm, has proposed the names for its new board of directors to be voted on by shareholders in a meeting on Sept. 3 in Rio de Janeiro.

In a securities filing on Thursday, the firm proposed to keep the six members of the transitional board of directors and add five other board members.

Among the new members is Maria Helena Santana, the former head of Brazilian securities industry regulator CVM. Other nominees for the board are Henrique Luz, Rodrigo Abreu, Wallim Vasconcellos Jr and Paulino do Rego Barros.

Oi, which filed for bankruptcy protection in 2016 after buckling under 65 billion reais of debt, is currently governed by a transitional board of directors.

Creditors in Oi approved a plan in December to swap much of their debt for equity. The shareholders’ meeting is a key step in sorting out the reorganised firm’s governance and formalising the 4 billion reais capital increase.

Many of the firm’s major shareholders are now U.S. hedge funds. Earlier on Wednesday night, Goldentree Asset Management LP disclosed a 9.3 percent stake, and on Monday, York Capital Management disclosed a 7.4 percent stake.

$1 = 3.75 reais Reporting by Gram Slattery and Tatiana Bautzer; Editing by Kirsten Donovan and Phil Berlowitz

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