Oi unit’s Brazilian case recognized; Goldman Sachs acquires preferreds

By Caroline Salls

Pittsburgh, Aug. 22 – Oi SA said the Commercial Court of Lisbon recognized a decision rendered by the 7th Corporate Court of the District of the Capital of the State of Rio de Janeiro granting the processing of a request for judicial reorganization for Oi Movel SA.

According to a news release, the Brazilian court’s ruling was made on June 29, 2016.

In a separate release, Oi announced that it received a letter from Goldman Sachs & Co. LLC regarding the acquisition of preferred shares.

Specifically, Goldman Sachs said that it, together with affiliate Goldman Sachs International, entered into transactions that resulted in a position equivalent to 16.19 million preferred shares issued by Oi, representing 10.26% of the outstanding preferred shares of the company.

Goldman Sachs said “this is a minority investment that does not involve a change in the composition of corporate control or a change in the management structure of the company. Currently, the Goldman entities do not target any quantity of the company’s shares.”

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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