OTMT gives Oi until 1 June to put together restructuring plan

Orascom Telecom Media and Technology Holding (OTMT) and a group of bondholders have given Brazilian telecom company Oi “until June 1 to put together a restructuring plan to help it exit bankruptcy protection,” Reuters reports. “This is the fourth extension granted Oi by Orascom, which offered in December an exchange of debt for shares and a capital injection of as much as [USD 1.25 bn] in the phone company… The Orascom-bondholder group has committed to underwriting the entire capital injection if no other investors step forward. The reorganization plan was due to expire on Monday but the ad hoc group of bondholders allied to Sawiris said it was revising the plan.”