Brazil’s Oi approves reorganization plan, paves way for asset sales

SAO PAULO: Creditors of Brazilian telecom carrier Oi SA, which is operating under bankruptcy court supervision, late on Tuesday approved amendments to its reorganization plan that will allow the sale of certain of its assets, according to securities filings.

Proceeds from the sale of Oi units including its wireless telephone business, data center operations and other telecom infrastructure will be used to repay lenders and make investments in the company, according to the filings.