Oi units’ Dutch composition plans approved by creditors at meetings

By Caroline Salls

Pittsburgh, June 4 – Oi SA announced Monday that the Dutch law composition plans of Portugal Telecom International Finance BV (PTIF) and Oi Brasil Holdings Cooperatief UA (Oi Coop) were approved by noteholders at meetings held Friday.

According to a news release, the plans cover PTIF’s 6¼% notes due 2016, 4 3/8% notes due March 2017, 5.242% notes due November 2017, 5 7/8% notes due 2018, 5% 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, as well as other creditors of PTIF and Oi Coop.

The company said the PTIF plan was approved by 100% of creditors at the meeting, representing 99.99% of the total claims of creditors that participated in the vote and 99.99 % of the total debt of PTIF, and the Oi Coop plan was approved by 92.82% of creditors at the meeting, representing 99.63% of the total claims of creditors that participated in the vote and 89.16 % of the total debt of Oi Coop.

The final stage in the recognition of the Oi plan in the Netherlands will be to achieve the sanction of the plans by the Court of Amsterdam.

A sanction hearing is scheduled for June 11.

Each of the plans will give effect to Oi’s judicial reorganization plan internationally, the release said.

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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