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Brazilian telecommunications company Oi's preferred shares are falling by more than 6% on news that a meeting of creditors scheduled for Monday was postponed once again. Also, Oi stock's were affected by reports that the telecom sector regulator in Brazil (ANATEL) decided not to engage in a deal to convert the company's fines in investments.
Last Friday, a Brazilian court upheld the request by Oi's creditor banks and bondholders to postpone a vote on the company's judicial recovery plan until November 6th. According to the creditors, it would be premature to hold the meeting once there is the intention to evolve in the talks on feasible alternatives.
The government has also been seeking more time to find a solution that may please public entities and other creditors and shareholders, in the face of conflicts over the company's plan.
According to Coinvalores brokerage analysts, "the new delay makes clear the opposition of Oi's creditors to the conditions of the new plan." According to the analysts, Oi's papers should react negatively in the short term.
