Oi: Company has no knowledge of reported binding investment proposal

By Caroline Salls

Pittsburgh, Feb. 1 – Oi SA clarified on Wednesday that it has only been in talks with its creditors and potential investors and it “does not have knowledge of any binding proposal received by the company” from an investment fund mentioned in news reports, according to a 6-K filed with the Securities and Exchange Commission.

According to a letter attached to the 6-K, an American investment fund was reportedly offering to invest R$9.2 billion into Oi’s business.

The company said the only formal suggestions submitted to its executive officers board by Wednesday have already been made public.

Oi said no changes to the judicial reorganization plan presented on Sept. 5 have been determined, and the company has not made any proposal to make changes to that plan.

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, 2016 under case number 16-11791.

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