Dutch court approves Oi suspension of payments proceeding

By Sheri Kasprzak

New York, Aug. 10 – Oi S.A. received approval from the Court of Amsterdam for a suspension of payments proceeding, according to a notice filed Wednesday with the Securities and Exchange Commission.

The order was approved, the notice said, to ensure compatibility in that jurisdiction and a judicial administrator was appointed to oversee the proceeding in the Netherlands.

The company will keep its shareholders and the market informed of any further developments, according to the notice.

Oi, based in Rio de Janeiro, is a 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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