OTMT puts investments in Brazil’s Oi on hold

Orascom Telecom Media and Technology Holding (OTMT) is putting its bid for Brazilian telecom Oi on hold, Naguib Sawiris said on Thursday, according to Reuters. Sawiris blamed “infighting and a lack of decision-making at the debt-laden Brazilian mobile carrier” for the decision. OTMT had offered in December an exchange of debt for shares and a capital injection of as much as USD 1.25 bn in Oi, which filed last year for Brazil’s biggest ever bankruptcy protection to restructure USD 20 bn of debt. The Orascom-bondholder group had committed to underwriting the entire capital injection if no other investors step forward. But after four delays of a creditor vote on a restructuring plan to help it exit bankruptcy protection and Oi’s CFO Ricardo Malavazi stepping down last week, Sawiris’ patience may have worn thin.