Oi shareholder Bratel eyes extraordinary general shareholders’ meeting

By Caroline Salls

Pittsburgh, Jan. 2 – Oi SA shareholder Bratel Sarl requested that the company’s board of directors hold an extraordinary general shareholders’ meeting within eight days of Dec. 28 “to deliberate on matters that impact the judicial reorganization plan of the company and its subsidiaries,” according to an Oi news release.

Specifically, Bratel requested that the shareholders vote on a proposal that would change the company’s management and increase its capital, as provided in the reorganization plan.

The shareholders would be asked to elect a transitional board of directors for a term beginning on the date of approval of the plan and ending when the members of a new board of directors take their positions.

The transitional board would be composed of nine members, without alternates, six of which would be members of the current board, and three new members.

Bratel specifically proposed that the transitional board be comprised of chairman José Mauro Mettrau Carneiro da Cunha, vice-chairman Ricardo Reisen de Pinho, Marcos Duarte Santos, Luis Maria Viana Palha da Silva, Pedro Zañartu Gubert Morais Leitão, Helio Calixto da Costa, Marcos Rocha, Eleazar de Carvalho Filho and Marcos Grodetzky.

The shareholders would also be asked to guarantee that Oi’s executive officers remain in their positions.

In addition, the shareholders would be asked to increase share capital and conditions for the subscription and payment of additional share capital, including commissions due to the subscribing shareholders, and amend the company’s bylaws to increase the authorized capital limit, currently R$34,038,701,741, as well as conditions for the respective subscription and payment.

Bratel also proposed that the shareholders be asked to deliberate on the filing of a civil liability claim stemming from allegedly illegal actions and violations of the company’s bylaws and the Brazilian Corporation Law by directors, officers, employees, managers and agents.

Oi said it will submit the request for an extraordinary general shareholders’ meeting for court approval, with the court to decide on the legality and convenience of holding the requested meeting.

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.

© 2015 Prospect News.
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