Oi subsidiaries’ creditors appeal Dutch court case conversion denial

By Marisa Wong

Morgantown, W.Va., Feb. 13 – Oi SA said the administrators appointed to supervise the suspension of payments proceedings of Oi Brasil Holdings Cooperatief UA and Portugal Telecom International Finance BV will not be appealing the recent rulings of the District Court of Amsterdam.

However, Oi said that some of Oi Brasil and Portugal Telecom’s creditors filed appeals against the court judgements on Feb. 10.

As disclosed on Feb. 2, the Amsterdam court had denied requests for conversion of the suspension of payments proceedings into Dutch bankruptcy proceedings for each of the Dutch subsidiaries Oi Brasil and Portugal Telecom.

As reported on Feb. 10, the steering committee of Oi’s international bondholders committee and the indenture trustee for one of the subsidiaries’ bonds is appealing the order denying conversion.

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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