Oi units’ administrators request payment suspension case conversion

By Caroline Salls

Pittsburgh, Dec. 2 – The judicial administrators for Portugal Telecom International Finance BV and Oi Brasil Holdings Coöperatief UA’s suspension of payments proceedings filed requests with the District Court of Amsterdam for the conversion of the proceedings into Dutch bankruptcy proceedings, according to a news release.

Portugal Telecom and Oi Brasil are Oi SA’s wholly owned subsidiaries that serve as financing vehicles incorporated in the Netherlands.

The court will consider the conversion request on Jan. 12.

Oi SA said the possible conversion would be restricted to Dutch jurisdiction and law and is not expected to have a significant impact on its judicial reorganization, which still includes Oi Brasil and Portugal Telecom, the company’s cash reserves or day-to-day operations in Brazil.

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.