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Oi: Court suspends shareholder voting rights and removes directors
By Caroline Salls
Pittsburgh, March 8 – Oi SA announced on Wednesday that the 7th Corporate Court of the Capital of Rio de Janeiro suspended the voting rights of several shareholders from the minutes of a Feb. 7 extraordinary general shareholders meeting and removed some members from the company’s board of directors until a capital increase provided for in Oi’s judicial reorganization plan is completed.
According to a company news release, the voting rights were suspended in accordance with an opinion entered by the public prosecutor’s office.
Because of this decision, Oi said shareholders Bratel Sarl, Société Mondiale Fundo de Investimento em Ações, Petrorio SA and Aurélio Valporto, among others, have their rights suspended.
As a result, the company said the directors who were elected/indicated by those shareholders, including Luis Maria Viana Palha da Silva, Pedro Zañartu Gubert Morais Leitão and Helio Calixto da Costa, were removed from their positions.
The decision also ordered the subpoena of the current executive officers and chief executive officer of the company and the shareholders whose voting rights were suspended to gauge their interest in establishing a mediation proceeding.
In a separate Wednesday release, Oi said its board approved modifications in the company’s organizational structure that involved confirming the election of Carlos Augusto Machado Pereira de Almeida Brandão for the position of chief financial officer and investors relations officer and João do Passo Vicente Ribeiro leaving from the position of officer without specific designation.
In addition, the company said Hélio Calixto da Silva presented a request to resign from the position of officer without specific designation, which was accepted by the board.
Oi is a Rio de Janeiro-based telecommunications service provider. It filed for Chapter 15 bankruptcy on June 21, 2016 in the U.S. Bankruptcy Court for the Southern District of New York under case number 16-11791.
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