CFO quits Oi amid bankruptcy

By:
Jason McGee-Abe
Published on:

Flavio Nicolay Guimarães, chief financial officer of Brazil's Oi, has resigned from his post amid the fixed-line carrier's bankruptcy

Guimarães, who joined the company in 2010, gave no reason for his departure earlier this week and Oi, which is currently in bankruptcy protection, has named Ricardo Malavazi Martins as his replacement, Oi said in a securities filing.

Martins has stepped down from his position on Oi's board to take the post.

The news comes after Oi filed a recovery plan last week detailing how it will exit bankruptcy protection.

However, a group of Oi bondholders have reportedly rejected the debt restructing plan, entailing a debt reduction of $6.93 billion which, according to Reuters, they called "unacceptable".

According to unconfirmed reports in Brazilian newspaper O Globo, five major banks, accounting for Oi's debt, are close to rescheduling the debts over a 15-year periodGTB