JAM_JOYCE : Oi wants recognition of the Portuguese justice aft
Company expects a formal confirmation in the coming days on the application for recognition of the effects of the judicial recovery plan.
Oi awaits "for the next few days the formal confirmation" by the Portuguese Court of "its request for recognition" of the effects of the judicial recovery plan of the approved group and homologated in Brazil, announced this Monday the telecommunications operator. "The Portuguese courts have already recognized Brazilian jurisdiction as competent to process Oi's judicial recovery," said the Brazilian operator, which has Portugal's Pharol as its shareholder, adding that "the plan, which aims to ensure the viability" of recovery and future of Oi, "was approved by the vast majority of creditors and was approved in January by the Brazilian courts." In addition, the US Court "has already ordered to apply the Brazilian decision that approved the plan in all its terms, as protection to all creditors," and in the Netherlands, "likewise, ratified the Dutch plan, which mirrors the Brazilian, also seeing there the best way to protect creditors, "he continues.
Accordingly, "there is a positive expectation for a decision in Portugal, where the request for recognition of the plan has been approved in the same way, not least because the false and misleading claims of Pharol have not been supported by any international jurisdiction, "he says. "The plan, which has already been recognized in several jurisdictions, has been approved by the vast majority of creditors, with Oi only having to implement it. The focus of the plan is the viability and sustainability of Recuperadores and is the best way to protect the company, its shareholders and creditors, "he concludes. Oi has been in a process of judicial recovery since 2016 in order to reduce the company's liabilities and was in a process of merging with Portugal Telecom, which never materialized.