Stricken Brazilian telco Oi has informed its shareholders and the market in general that its request for judicial reorganisation has been approved by the 7th Corporate Court of the Judicial District of the Capital of the State of Rio de Janeiro. The decision was rubberstamped on 16 March and affords Oi judicial protection against creditors and maturities. Oi now has 60 days within which to present Judge Fernando Cesar Viana with a consolidated judicial recovery plan.
According to TeleTime, Oi has BRL29 billion (USD5.5 billion) worth of debts and total liabilities of BRL43.7 billion. TeleGeography notes that the telco’s original judicial recovery period drew to a close on 14 December 2022, after around six-and-a-half years. When that process commenced in June 2016 it represented the largest bankruptcy request in Brazil’s history, with Oi booking BRL65.4 billion in debt.