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BDO declines to replace PwC at Brazil’s Oi restructuring case

April 7, 2017 SAO PAULO (Reuters) – Accounting firm BDO declined to replace PriceWaterhouseCoopers in the in-court restructuring of Brazilian carrier Oi SA, BDO said in a statement on Friday. The judge overseeing the restructuring dropped PwC from the case on March 31 alleging the firm made accounting mistakes in the biggest bankruptcy filing in the country’s history. In his decision, judge Fernando Cesar Viana appointed BDO to replace PwC. But BDO said in Friday’s statement that it had decided not to take the task, despite keeping its work as…

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Oi shares jump on debt plan; capital questions remain

March 23, 2017 By Ana Mano SAO PAULO (Reuters) – A new reorganization plan from Brazil’s debt-laden phone carrier Oi SA boosted shares on Thursday, but analysts continued to focus on the need for fresh capital after a heavy fourth-quarter loss. Changes to the plan revealed late on Wednesday would offer Oi’s financial creditors 25 percent of its equity or convertible bonds to be called in three years, at which point they could own up to 38 percent of the company’s shares. The updated plan would more than halve Oi’s…

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