Oi announces receipt of proposal for alternative reorganization plan

By Caroline Salls

Pittsburgh, Dec. 20 – Oi SA received an alternative judicial reorganization plan proposal from a group formed by representatives of company creditors and potential investor Orascom TMT Investments Sarl, according to a 6-K filed Tuesday with the Securities and Exchange Commission.

As previously reported, Oi has been meeting with creditors and other stakeholders to gather views and comments on the judicial reorganization plan presented to the 7th Corporate Court of the Judicial District of the State Capital of Rio de Janeiro in September.

Oi said it and its subsidiaries will analyze the suggestions of the creditor/Orascom group, along with other suggestions that emerge during meetings with other creditors.

The company said it believes that the outcome of these negotiations should reflect a final proposal of a judicial reorganization plan that guarantees its operational viability and sustainability and serves creditors, shareholders and other interested parties, allowing Oi to be strengthened at the end of this process.

Oi is a Rio de Janeiro-based telecommunications service provider. It filed for Chapter 15 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on June 21 under case number 16-11791.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.