Oi: Plan confirmation order published; creditors can choose payment

By Caroline Salls

Pittsburgh, Feb. 6 – Oi SA said the decision rendered by the 7th Corporate Court of the Judicial District of the Capital of the State of Rio de Janeiro confirming the judicial reorganization plan of the company and several of its subsidiaries and granting the judicial reorganization of the recovering entities was published on Monday.

According to a 6-K filed with the Securities and Exchange Commission, the subsidiaries covered by the plan include Oi Móvel SA, Telemar Norte Leste SA, Copart 4 Participações SA, Copart 5 Participações SA, Portugal Telecom International Finance BV and Oi Brasil Holdings Coöperatief UA.

As a result of the publication of the decision, Oi said the 20-day period for creditors of the recovering entities to choose payment options was scheduled to begin on Tuesday and will run through Feb. 26.

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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