Oi to make new attempt to sell fiber base
After the rejection by creditors of Ligga's offer, Brazilian telco Oi announced the resumption of the competitive bidding process for the sale of its fiber broadband client base (ClientCo).
The restart of the process was determined by the corporate court overseeing Oi’s second judicial proceedings, a type of bankruptcy protection. The auction will take place on August 6.
In the first round, Brazilian internet service provider Ligga was the sole bidder for the unit, despite previous expectations that other interested parties would show up.
The Paraná-based carrier offered 1.03bn reais (US$180mn) for ClientCo, more than 86% below the established minimum price of 7.3bn reais (1.27bn).
Oi’s creditors this week rejected Ligga's bid.
According to the auction rules, neutral network V.tal is allowed to bid only in a second round.
V.tal is the JV created following the partial sale of Oi's fiber infrastructure network (InfraCo) to funds linked to BTG Pactual in Oi's previous judicial reorganization. The BTG funds made a 12.9bn-real binding offer for InfraCo.
Although unlikely, other bids for Oi's ClientCo might appear in a second round.
INJECTION
Oi also announced that it received authorization from creditors for an extension of the deadlines for the entry of new resources into the telco, which is part of the restructuring of the operator's debt.
Creditors are expected to inject resources of US$655mn.
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