Oi presents proposal for settling smaller debts

News General Brazil 30 NOV 2016
Oi presents proposal for settling smaller debts
Brazilian operator Oi has presented to the court handling its suspension of payments procedure a proposal to settle debts of up to 50,000. The proposal encompasses approximately 58,000 creditors with small debt claims and could see Oi pay out in total up to BRL 783 million by Oi. The company is hoping to settle with the smaller creditors first, in order to make it easier to renegotiate its larger debts. 

The operator also announced that it has been informed by its Dutch judicial administrators that they may apply for a conversion of the suspension of payment proceedings of its subsidiaries Oi Brasil Holdings Coöperatief and Portugal Telecom International Finance into bankruptcy proceedings. The company said this would not harm its cash position or operating activities , nor have a significant impact on the judicial reorganization underway in Brazil. 

Oi also confirmed that it participated in a mediation hearing with the National Telecommunications Agency (Anatel) with the objective of reaching a consensual solution for the debts owed to the regulator. Oi said all of the above shows that it remains engaged in resolving the judicial reorganization. This includes contact with its main creditors on possible amendments to the proposed terms of the judicial reorganization plan submitted in September.

Categories:

General

Companies:

Oi,  Portugal Telecom

Countries:

Brazil

Tags:

Bankruptcy - Insolvency, Finance

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