Oi: $159.15 million of notes surrendered under settlement procedures

By Caroline Salls

Pittsburgh, July 27 – Oi SA, Portugal Telecom International Finance BV (PTIF) and Oi Brasil Holdings Coöperatief UA have announced the final results of their previously announced settlement procedures for non-qualified noteholders to receive a non-qualifying recovery.

According to a Thursday news release, as of the expiration dates, $159.15 million in total bondholder credits represented by the outstanding notes were validly surrendered.

The settlement date is expected to be July 31.

Each non-qualified holder that participated and surrendered notes in accordance with the settlement procedures will receive a participation interest in the principal amount of $500 for each $1,000 of bondholder credits held.

Oi said the non-qualified recovery consists of a participation interest under a credit agreement expected to be entered into on the settlement date between the issuers, Telemar Norte Leste SA, Oi Móvel SA, Copart 4 Participações SA and Copart 5 Participações SA and facility agent Lucid Agency Services Ltd.

Non-qualified noteholders that did not surrender their notes will only be entitled to receive a default recovery.

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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