Oi files for judicial protection 3 months after exiting 6-year reorganization
Brazilian telecom operator Oi has filed an expected second request for judicial protection, just three months after emerging from a similar six-year process.
The troubled Brazilian carrier stated in its request, which was filed on “urgent basis” in the evening of March 1, that it has 47.3bn reais (US$9.06bn) in financial debts.
When it first filed for bankruptcy protection in June 2016, Oi’s debt was in excess of 65bn reais, making its protection case the second largest in the country's history.
By September 2022, following asset sales, divestments and cost-cutting measures, its net debt had fallen to 18.3bn reais, with gross debt of 21.9bn reais, according to information in the company’s earnings report.
The new request follows a call for urgent injunctive relief filed last month with the same corporate court responsible for overseeing its first bankruptcy protection case.
Oi argues that the new protection request was necessary, among other things, because the date on which the effects of that urgent injunctive relief come to an end is approaching.
The telco also cites the economic-financial scenario in which it finds itself, with overdue debts and potential default and cross-default of financial contracts, and the need to maintain legal protection against potential foreclosures by creditors and other measures against the company and its subsidiaries.
Oi claimed to be confident that it will secure court approval for the new request.
“The company reaffirms it will continue to maintain its activities regularly, acquiring new customers, operating and maintaining its networks and services, serving its customer base, continuing its search for efficiency and optimization of its operations, always striving to avoid any losses, discontinuities or impact to the provision of its services,” it said.
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