Oi shareholders ratify request for judicial reorganization at meeting

By Caroline Salls

Pittsburgh, July 25 – Oi SA’s shareholders ratified the request for judicial reorganization of the company as an urgent measure at an extraordinary general meeting held on Friday, according to news release.

As previously reported, the request for judicial reorganization was submitted by Oi with wholly owned subsidiaries Oi Movel SA, Telemar Norte Leste SA, Copart 4 Participacoes SA, Copart 5 Participacoes SA, Portugal Telecom International Finance BV and Oi Brasil Holdings Cooperatief UA.

The request was approved by the company’s board of directors and the relevant corporate bodies of the other Oi companies on June 20.

The shareholders also authorized company management to make arrangements and perform all acts necessary in connection with the judicial reorganization of the companies, the release said.

Oi is a Rio de Janeiro-based telecommunications service provider. The company filed for bankruptcy on June 21 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 15 case number 16-11791.

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