Oi (OIBR3) Negotiating $300M DIP Credit With Creditors, Bloomberg Says – Money Times

a Hey (OIBR3) , Operator Telecommunications Brazilian in judicial recoveryis in final talks to raise about $300 million in DIP financing from lenders, people familiar with the matter said.

The company is also in talks with creditors to raise another 4 billion riyals after approving a new debt restructuring plan, people said, and asked not to be identified when discussing the non-public information.

The people said the financing was not yet completed and the amounts could change slightly without naming the creditors involved.

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Oi did not comment.

Oi has applied for a refund of the judicial money in a court of law Rio de Janeiro On Thursday, nearly two months after an earlier lawsuit that was one of the largest in the country came out.

The company did not provide the latest total amount of debt, but it listed about 29.8 billion riyals in liabilities in February.

The Rio de Janeiro-headquartered company has already obtained emergency creditor protection to avoid late payment and early maturity of its obligations. This allowed Oi to skip the $82 million coupon payment on the 2025 bond.

The company has taken similar measures wewhere he filed for Chapter 15 protection.

Bloomberg reported early last month that Pacific Investment Management, Ashmore Group, and Souls Alternative Asset Management were among the largest holders of the company’s bonds.