Oi completes debt restructuring

1 Aug 2018

Cash-strapped Brazilian telecoms firm Oi has issued a brief statement to the market, confirming that it has completed the restructuring of its financial debt, as set out in the Judicial Reorganisation Plan, which was approved by creditors at the general creditors meeting held on 19/20 December 2017, and confirmed by the 7th Business Court of the Capital District of the State of Rio de Janeiro. The plan covers the company and its subsidiaries Oi Movel, Telemar Norte Leste, Copart 4 Participacoes, Copart 5 Participacoes, Portugal Telecom International Finance and Oi Brasil Holdings Cooperatief.

While no figures are provided in the market statement, Oi has previously stated that the Judicial Reorganisation would allow it to reduce its debt by over BRL35 billion (USD9.4 billion), and enable it to resume its investment cycle.

Brazil, Oi