Oi vehicle Portugal Telecom granted provisional suspension of payments

By Caroline Salls

Pittsburgh, Oct. 4 – Oi SA said the District Court of Amsterdam, the Netherlands, granted the request of company financial vehicle Portugal Telecom International Finance BV to begin a suspension of payment proceedings.

According to a news release, the suspension of payments was initiated to ensure compatibility in the court’s jurisdiction with the judicial reorganization initiated by Oi and some of its subsidiaries in Brazil.

The company said the suspension of payment proceedings provides Portugal Telecom with a stay against creditor action in the Netherlands to allow it to restructure its debts with the ultimate aim of satisfying its creditors.

J.L.M. Groenewegen was appointed as administrator to oversee Portugal Telecom’s proceedings in the Netherlands and the interests of its creditors in cooperation with its managing board.

Oi is a Rio de Janeiro-based telecommunications service provider. It filed Chapter 15 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on June 21 under case number 16-11791. Portugal Telecom International Finance is a financing subsidiary based in Amsterdam.

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