Oi: Dutch courts schedule June 1 meetings tied to plan verification

By Caroline Salls

Pittsburgh, April 11 – Oi SA announced Tuesday that the Dutch courts have scheduled the dates for verification meetings of the Dutch composition plans of Portugal Telecom International Finance BV (PTIF) and Oi Brasil Holdings Cooperatief UA for June 1, according to a news release.

As a result of the scheduling order, Oi said solicitations have launched with the intention of ensuring European recognition for the plan, which applies to PTIF’s 6¼% notes due 2016, 4 3/8% notes due 2017, 5.242% notes due November 2017, 5 7/8% notes due 2018, 4% notes due 2019, 4 5/8% notes due 2020 and 4½% notes due 2025 and Oi Coop’s 5 5/8% senior notes due 2021 and 5¾% senior notes due 2022.

The voting deadline for the consent solicitation will be 4 a.m. ET on April 27 for the PTIF retail notes, 4 a.m. ET on April 30 for the other PTIF notes and 11 a.m. ET on May 15 for the Oi Coop notes.

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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