Creditors in Brazilian telecoms company Oi SA today approved a plan to restructure $20 billion in debt owed by the firm, overcoming the main hurdle in Latin America’s largest-ever bankruptcy process, Reuters reported. After a marathon 15-hour meeting in Rio de Janeiro, three of four creditor classes voted nearly unanimously for the plan. The only major ‘no’ vote appeared to come from national telecoms regulator Anatel, which held billions of dollars in Oi debt through unpaid regulatory fines. The vote caps off a year and a half of bruising negotiations, in which creditors and the company fought over how to best restructure some 65 billion reais ($20 billion) in debt.
