Oi: With no appeals filed, units’ Dutch composition plans effective

By Caroline Salls

Pittsburgh, June 21 – Oi SA said no appeal was filed with the Amsterdam Court of Appeal against the decision entered June 11 by the District Court of Amsterdam approving the Dutch law composition plans of subsidiaries Portugal Telecom International Finance BV (PTIF) and Oi Brasil Holdings Coöperatief UA (Oi Coop).

According to a 6-K filed with the Securities and Exchange Commission, the Dutch plans are now effective, and PTIF and Oi Coop’s bankruptcies have been terminated.

Oi said each of the plans gives effect internationally to its Brazilian judicial reorganization plan, and the terms of the Dutch plans “mirror” those of the judicial reorganization plan.

Oi is a Rio de Janeiro-based telecommunications service provider. It filed for Chapter 15 bankruptcy on June 21, 2016 in the U.S. Bankruptcy Court for the Southern District of New York under case number 16-11791.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.