The board of Brazil-based operator Oi detailed amendments to a debt-restructuring plan in a bid to appease creditors which criticised its previous proposals.

In a statement, the operator revealed a key aim of the updated plan is to generate an overall capital increase of up to BRL8 billion ($2.4 billion). Oi’s creditors will be asked to deliver a minimum of BRL3.5 billion of the fresh capital, with a maximum contribution of BRL5.5 billion. The remainder of the sum (BRL2.5 billion) will be provided by existing Oi shareholders.

Another change would see Oi only pay creditors’ capitalisation charges when the funds are received, rather than in advance as proposed in earlier plans.

Fees of up to 14 per cent of the amount of capital provided would be payable in the first year following the injection, and 8 per cent in the second. The operator would also be free to choose whether to make the payment in cash or shares, it stated.

Oi faced criticism by Brazil’s telecoms regulator Anatel over a previous plan to pay fees upfront, Reuters reported.

The operator and creditors have differed over the shape of its restructuring plan, with creditors rejecting a previous board proposal in October, and the board rebuffing a plan by creditors holding liabilities worth BRL23 billion to take an 88 per cent equity stake in the operator.

Its fresh plan will be presented to a number of courts and Brazil’s Securities and Exchange Commission ahead of a creditors’ meeting on 7 December, the operator stated.

Oi filed for bankruptcy protection in June 2016, at which time it owed some BRL65.4 billion.

Earlier this month, Reuters reported China Telecom was seeking to take a BRL20 billion stake in Oi.