The fourth largest operator in the country, Oi will have the end of its judicial recovery process postponed for up to 60 days. The deadline would expire this Thursday (31), but the postponement will be necessary to receive new determinations of the judge responsible for the process, Fernando Viana, of the 7th Business Court of Rio de Janeiro.
The magistrate released an order last Monday (28) with the preparatory commands for the end of the judicial recovery, which began in June 2016.
The determinations do not specify the deadline extension itself, but establish prerequisites that imply the need to stretch the process.
Viana ordered the judicial administrator – Wald Advogados – to update the general list of creditors, which must be added to the process within a period of 60 days.
The magistrate mentioned that the action accumulated 60 thousand credit incidents, that is, requests for impeachment or qualification of creditors.
The judge himself explained that the end of the judicial reorganization is not conditioned to the consolidation of the general framework of creditors, but, in his view, this is an “imperative” measure to make everything clear.
Historic
Oi went into judicial recovery in 2016 after accumulating R$65 billion in debt with 55,000 creditors.
Since then, the tele has managed to approve a recovery plan, which was later modified, including more asset sales, discounts on payments to creditors and extension of deadlines.
This process was scheduled to end in October 2021, but received approval from creditors to extend until May 2022 because of its complexity. At the time, however, the court set the date of March, which now ended up not being fulfilled either.
The extra term also gives Oi more peace of mind to complete the sale of its mobile network to the alliance between TIM, Vivo and Claro, a R$ 16.5 billion deal essential for tele to continue to settle its debts and support investments in fixed broadband with optical fiber.
With the extension of procedural deadlines, this can be done under judicial supervision.
The information is from the newspaper. The State of São Paulo.
Source: CNN Brasil
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