Oi asks for judicial protection against creditors in New York – 02/08/2023 – Market

The operator Oi also asked for protection against creditors in the New York Court, again following in the footsteps of Americanas. The company had already obtained protection in the Rio de Janeiro court last week.

With a debt of BRL 29.75 billion, Oi is considering filing for bankruptcy for the second time – the previous recovery was completed in mid-December, but the company claims it is still facing financial difficulties.

A Sheet found that the request is similar to the one made in Rio de Janeiro, which aimed to suspend “certain obligations assumed by the company, aiming at protecting its cash, and, consequently, the continuity of negotiations with its creditors in a balanced and transparent way” .

The company has not yet commented on the matter.

Oi is defended by two law firms that work for Americanas in its judicial recovery process —Basílio Advogados and Salomão Advogados— and has been adopting a strategy similar to that of the retailer.

The company’s debt is divided among 14 creditors. The largest installment, equivalent to R$9 billion, is with the Bank of New York Mellon. The institution appears in the document as a trustee (manager of debt securities).

Next comes the trustee GDC Partners. The credit is of almost R$ 8.3 billion. Then come Wilmington Trust, from London, whose credits add up to almost BRL 5.4 billion, China Development Bank (BRL 3.8 billion) and Itaú BBA (BRL 2 billion).

Fundação Atlântico de Seguridade Social (BRL 948.1 million), a closed supplementary pension entity sponsored by Oi, Banco do Nordeste (BRL 156.4 million), Banco da Amazônia (BRL 100 million), Bradesco (BRL 34 .4 million) and Banco ABC Brasil (R$ 2.5 million) are also on the company’s list of creditors.

Santander (R$ 2.3 million), BNP Paribas Brasil (R$ 675.5 thousand), Banco Fibra (R$ 29 thousand) and Banco Modal (R$ 24.8 thousand) complete the list with amounts receivable.