THE Hey (OIBR3) asked the Justice of Rio de Janeiro an injunction that the protect from creditors with which he owns about 29 billion reais in debtincluding banks and bondholders, in a step that may come before a new process of judicial recovery of the company, according to documents seen by the Reuters this Wednesday (1).
The measure comes after Oi exited a judicial recovery process last December.
Oi (OIBR3): No money to pay creditors
The company argues that it has tried to reach an agreement with creditors to refinance its debt, but so far has not been successful. Oi said he cannot pay 600 million reais payable to holders of securities in February 5thwhich would trigger the acceleration of almost all of the company’s financial debts.
Oi did not immediately respond to a request for comment sent outside of business hours.
Oi’s request was made to the 7th Corporate Court of Rio de Janeiro.
Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
