NEW YORK, Nov. 11, 2016 /PRNewswire/ -- Dechert LLP announced today that a majority of the members of the Moelis group steering committee have left to form a new group of Oi bondholders. The new group consists of several investment firms owning more than $1.5 billion face amount of Oi group bonds in the aggregate, but heavily weighted towards Oi's finance subsidiaries, PTIF and FinCo.
The group's purpose is to pursue a consensual restructuring in all relevant jurisdictions with fair and equitable treatment of bondholders commensurate with their rights. The group hopes to work with credible, interested parties to construct a viable operational and reorganization plan.
The group is represented by Allan Brilliant of Dechert in the U.S., Marcelo Carpenter of Sergio Bermudes in Brazil, and Frederic Verhoeven of Houthoff Buruma in the Netherlands. The group is in the process of mandating a financial advisor. The group encourages other substantial creditors with holdings weighted to the bonds issued by Oi's finance subsidiaries to join our efforts. If you are interested in joining please contact Allan Brilliant at [email protected].
Note: The group does not assume any fiduciary or other duties.
SOURCE Dechert LLP