Brazil: Oi’s board of directors approves new judicial recovery plan

During a meeting on Friday, 19, Oi’s Board of Directors approved the terms of its new judicial recovery plan for the company.

In March of this year, the 7th Business Court of Rio de Janeiro accepted Oi’s second petition for judicial reorganization.

The decision was made after the company withdrew from a previous process, which took six years to complete.

Now, the phone company’s debt, estimated at R$30 billion, has been suspended again, in addition to the seizure of assets requested by Oi’s creditors.

The statement released also states that the Board of Directors approved submitting the new plan to the Justice.

It ensures that it “reflects the negotiations held, to date, with its main creditors and other stakeholders to restructure the debts of the recovered”.

In addition, the company stated that it maintains negotiations with other creditors to try to solve its financial problems.

“The plan establishes the terms and conditions proposed for the main measures that may be adopted to overcome the current economic and financial situation of Oi Group, the Company’s long-term sustainability, and the continuity of its activities,” another excerpt highlights.

With information from Revista Oeste