Oi’s common shares fell by 25.42% at 11:50 am this Thursday (2), at R$ 1.76, after the telephone company confirmed, in a material fact, the request for protection against creditors in the Justice of the Rio de Janeiro. The company holds about R$ 29 billion in debt.
The preferred papers devalued 22.64%, to R$ 3.93.
The appeal, formally known as a “request for an urgent precautionary measure”, may be a preparatory step for a new judicial recovery process for the company, just over a month after the first process with Justice was closed.
In the material fact released this Thursday, Oi requested the 7th Corporate Court of Rio de Janeiro to request an urgent precautionary measure “to suspend the enforceability of certain obligations assumed by the Company, aiming at protecting its cash, and, consequently, the continuity negotiations with its creditors in a balanced and transparent manner”.
The application is confidential.
The movement comes shortly after retailer Americanas filed the same procedural measure, which, on January 13, obtained protection for 30 days against the collection of debts by its creditors.
Oi’s first judicial recovery process lasted just over six years and ended last December.
Source: CNN Brasil
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