Telecom Oi’s Plan Approval Unlocks $2.9 billion in Asset Sales

Oi SA’s creditors approved the Brazilian telecom operator’s restructuring plan Friday, unlocking the sale of as much as $2.9 billion of assets to help pay off the firm’s debt.

The plan aims to ensure Oi’s operational viability, Oi said in a regulatory filing.

About 80% of creditors approved the plan, under which the firm’s broadband activity would be sold for 7.3 billion reais ($1.4 billion) in a unit called ClientCo. Banco BTG Pactual SA and Citigroup Inc. are advising Oi on the deal, which is expected to close next year.

The plan also includes selling a stake in V. ...