Brazil's Oi board confirms financial advisor to replace PJT

November 9, 2016 5:20 PM EST

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SAO PAULO (Reuters) - The board of Brazilian wireless phone carrier Oi SA has elected a new financial advisor for debt restructuring talks with bondholders and bank creditors, Chief Executive Officer Marco Schroeder said in an interview Wednesday.

Schroeder declined to name the advisor, which will replace PJT Partners (NYSE: PJT), because the contract has not been signed. The unnamed firm, selected at a board meeting on Wednesday, will help Oi restructure about 41.2 billion reais ($12.8 billion) of financial liabilities.

(Reporting by Ana Mano; Editing by Chris Reese)

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