Oi: Dutch court orders conversion of payment suspension proceedings

By Caroline Salls

Pittsburgh, April 20 – Oi SA said the Dutch Court of Appeals ordered that the suspension of payments proceedings for Oi financial vehicles Oi Brasil Holdings Coöperatief UA and Portugal Telecom International Finance BV be converted into Dutch bankruptcy proceedings, according to a 6-K filed with the Securities and Exchange Commission.

The ruling overturned decisions that denied the requests for conversion of the suspension of payments proceedings.

Oi Brasil Holdings and Portugal Telecom are going to file a further appeal with the Dutch Supreme Court, the release said.

Oi said both of the financial vehicles remain under judicial reorganization in Brazil, and the appeal ruling does not have any impact on Oi’s day-by-day and operational activities.

In addition, Oi said it has been progressing on the discussions with creditors, potential investors and other stakeholders about the best proposal for a judicial reorganization plan in order to submit it for approval in a creditors’ meeting.

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, 2016 under case number 16-11791.

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