The court overseeing the debt restructuring of Brazilian telecom company Oi SA yesterday postponed a creditors meeting scheduled for Friday until Dec. 7, amid continued disagreements between shareholders and bondholders, Reuters reported yesterday. The meeting, which has now been delayed several times, may carry over to Dec. 8, the court said, and could resume again on Feb. 1 and the following day if needed. On Wednesday, public banks, including Banco do Brasil SA, which are Oi creditors, asked the court to delay the meeting. The repeated delays highlight the distance between competing proposals put forward by banks, regulators, bondholders, shareholders and potential investors in Latin America’s largest-ever bankruptcy protection process. Oi, Brazil’s fourth-largest wireless carrier, filed with a bankruptcy court 16 months ago to restructure 65.4 billion reais ($20.1 billion) in debt. At stake is the future of the sole fixed-line operator in about a third of Brazil’s 5,500 municipalities. Yesterday, Brazilian regulator Anatel also said it had received a report from Oi describing how the company proposed to minimize “operational risks” in its proposed restructuring.
