Oi receives proposal for Timor Telecom interest sale, seeks court OK

By Caroline Salls

Pittsburgh, Dec. 13 – Oi SA received a proposal from Investel Communications Ltd. for the acquisition of direct and indirect interests in Timor Telecom SA for $36 million, in addition to the payment of Timor’s debt to Oi in the amount of $26 million, according to a 6-K filed Tuesday with the Securities and Exchange Commission.

The company said it has asked the 7th Corporate Court of the District of the Capital of the State of Rio de Janeiro to approve the sale.

In addition to court approval, the sale will be subject to the implementation of other conditions, the 6-K said.

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

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