Oi announces plan-based merger of Oi Internet, Oi Movel subsidiaries

By Caroline Salls

Pittsburgh, March 2 – Oi SA announced Thursday that Oi Internet SA merged into Oi Móvel SA in accordance with the companies’ consolidated reorganization plan.

According to a news release, the merger constitutes one of the stages of the corporate and equity restructuring process of the recovering entities and its objective is to optimize operations and improve the results of the recovering entities and Oi’s other direct and indirect subsidiaries.

In addition, Oi said the unification of the operations carried out by Oi Internet and Oi Móvel, by means of the consolidation of the activities they perform, will bring considerable administrative, economic and fiscal benefits, with the reduction of costs and with gains generated from synergies resulting in greater efficiency in providing services.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.