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Brazil's Oi aims to raise $363 mln to expand fiber network, newspaper reports

·1 min read

BRASILIA, Aug 18 (Reuters) - Brazilian telecommunications company Oi SA is preparing to raise more than 2 billion reais ($363 million) by the start of 2021 to expand its fiber optic network, newspaper O Estado de S.Paulo said on Tuesday.

The company did not immediately respond to request for comment.

Oi filed for the largest-ever bankruptcy protection in 2016 and has been undergoing restructuring with an aim to exit the bankruptcy process in 2022.

The capital raise will require that creditors approve alterations to the company's restructuring plan in a vote set for Sept. 8, Estado reported, without citing the source of the information.

Estado did not give further details on how Oi would raise the money.

Oi confirmed last month a new 16.5 billion reais ($3.2 billion) bid for its mobile assets from three telecom rivals, Tim Participacoes, Telefonica Brasil and America Movil's Claro. ($1 = 5.5090 reais) (Reporting by Jake Spring; Editing by Steve Orlofsky)