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Brazil’s Oi goes for pre-payment

July 4, 2016

By Chris Forrester

Struggling Brazilian telco Oi, currently in the local version of Chapter 11 bankruptcy protection, is pushing a pre-payment scheme for its pay-TV bouquet.

Would-be subscribers can buy the top-up cards at Oi’s shops and sales points for their cellular phones.

Oi is offering 15-day and full month options.

On June 29th a Brazilian court approved the bankruptcy protection order. Oi now has 60 days to present a recovery plan for its creditors. The Oi bankruptcy is the largest-ever in Brazilian history.

Oi has declared debts of some $20.2 billion (65.4 billion Reais) of which about 50 billion is owed to international bondholders and banks.

Oi’s CEO Marco Schroeder said talks with banks and bondholders will begin this week.

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