US bankruptcy court approves Oi's judicial recovery plan

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Oi's judicial recovery plan, approved in Brazil in December, has now been approved in the United States.


The decision of the US Bankruptcy Court gives full effect and effectiveness to the operator's plan in the country and authorizes the execution of the necessary steps to consummate the judicial recovery, in relation to the debts governed by New York law that were issued by Oi.

Earlier this month, the plan had already B2B Lead been approved by the creditors of the company's Dutch subsidiaries, Portugal Telecom International Finance and Oi Brasil Holdings Coöperatief.

Recovery program
Oi's judicial recovery plan was approved , with reservations, by the court of the 7th Business Court of Rio de Janeiro. Among the vetoes to the text  approved by creditors on December 20 of last year  are the prohibition on recoveries choosing whether or not to reimburse financiers' expenses to offset their credits and the extension of payment of the commitment fee to everyone involved.



The plan was approved by creditors on December 20, 2017, after more than 15 hours of discussions. The National Telecommunications Agency (Anatel) voted against the text because it understands that paying in installments for the fines that Oi owes it is illegal.

With 55 thousand creditors and debt of R$64 billion, Oi's judicial recovery is the largest in history in Brazil. According to  the company's president, Eurico Teles, it will demonstrate whether the Judicial Recovery Law is effective.