Oi’s Board of Directors approves new judicial recovery plan

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In March, the Justice accepted a second request for judicial recovery from Oi, which was obliged to present a new one. Oi’s Board of Directors, in a meeting on Friday (19), approved the terms of its new judicial recovery plan, as informed by the company through the disclosure to the market of a material fact. 📊 Context: In March, the 7th Business Court of Rio de Janeiro accepted Oi’s second request for judicial recovery, after the company had left the previous process, which took six years to complete. 💰 Billionaire debt: With that, the group’s debt of tens of billions of reais was suspended once again. The process also suspended the attachment of assets or search and seizure warrants against the company by its creditors. 📋 New recovery plan: In view of the court decision, Oi was obliged to present a new judicial recovery plan. In the communiqué, the Board of Directors approves the submission to the Court of the new plan and states that it “reflects the negotiations held, to date, with its main creditors and other stakeholders for the restructuring of debts of companies under reorganization”. He adds that the company continues negotiations with the other creditors. “The plan establishes the proposed terms and conditions for the main measures that may be adopted with a view to overcoming the current economic and financial situation of the Oi Group, the Company’s sustainability in the long term and the continuity of its activities”, says an excerpt from the document . The statement, dated this Saturday (20), is signed by Cristiane Barretto Sales, Director of Finance and Investor Relations.

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