Previous process was concluded by the company 3 months ago, after 1 semester of negotiations
Oi informed on Thursday (16.Mar.2023) that its new request for judicial recovery was accepted by the 7th Corporate Court of Rio de Janeiro. Here’s the full of the material fact disclosed to the market (211 KB).
Now, a series of steps must be taken. Among them are:
- the appointment of judicial administrators by the company;
- the suspension of the execution of debts by creditors, who must obey the rules of the new judicial reorganization;
- the prohibition of any form of retention, attachment, attachment, kidnapping, search and seizure and judicial or extrajudicial constriction on the assets of Oi SA and its subsidiaries Portugal Telecom International Finance BV and Oi Brasil Holdings Coöperatief UA, involved in the process;
- Suspension of all actions or enforcements against the company.
In the statement, Oi says it is confident that, with the support of its financial creditors, it will be successful in the judicial recovery process, in “pursuit of its long-term sustainability, in the best interest of all its stakeholders”.
Also according to the document, the Court determined that companies present the judicial recovery plan within 60 days.
NEW REQUEST
On March 1st, the conglomerate filed for judicial recovery at the 7th Business Court in Rio de Janeiro. Here’s the full of the document (680 KB).
In a statement to shareholders (full – 160 KB), the company stated that, despite continuing to strengthen its capital structure and optimize liquidity and debt, several factors influenced the measure to become the “more suitable” for the company and its subsidiaries.
Oi’s new request was made about 3 months after the company announced the end of the 1st judicial reorganization, in December 2022. Negotiations with creditors lasted 6 months.
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