Oi is one of the largest telecommunications companies and provides fixed, mobile, internet, television and business solutions services. Last Wednesday (8), the company filed a request for judicial recovery in the United States. All this through the so-called Chapter 15, the American Bankruptcy Law. Check out!
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The United States Bankruptcy Law is a federal law that provides debtors with a way to reorganize or terminate their debts. Thus, it allows people and companies with financial difficulties to request protection against creditors and to reorganize their debts on more favorable terms.
The fact happened after an injunction that the company obtained last week in the Justice of Rio de Janeiro and that suspended for 30 days the collection of its debts. What Oi requested is similar to the request of Americanas, which also appealed to the Bankruptcy Law of USA in the last month, after a crisis that identified a BRL 20 billion shortfall in inconsistencies accounting.
The 7th Corporate Court of Rio de Janeiro granted Oi and its subsidiaries Portugal Telecom and Oi Brasil Holdings the right to suspend certain obligations assumed for a period of 30 days. This is because the company admitted that it was unable to pay R$ 600 million in debts whose maturity would occur on the last 5th. The amount included debt securities issued in the international market, the so-called bonds.
According to investigations, Oi has sought to keep negotiations with banks and bond holders alive in order to reach a financial agreement, which includes capital injection, discount on the amount payable and postponement of the salaries. The company had already filed a recovery request for the first time in 2016, after accumulating debts of BRL 65 billion. Currently, this amount stands at R$35 billion, of which R$29 billion is owed to financial institutions.
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