Summary
- Oi Group’s bankruptcy was suspended by judge Mônica Maria Costa following appeals from Bradesco and Itaú Unibanco.
- Decision allows Grupo Oi to continue the judicial recovery process approved in April 2024.
- Itaú has more than R$2 billion in unsecured credits to be received, while Bradesco has almost R$50 million in unsecured credits and R$75 million in extra-bankruptcy credits.
The Court of Justice of the State of Rio de Janeiro (TJ-RJ) had declared, at the beginning of the week, the bankruptcy of Grupo Oi. But, on Friday morning (14/11), the declaration of the operator’s bankruptcy was suspended by judge Mônica Maria Costa, from the 1st Chamber of Private Law of the TJ-RJ.
With the decision, Grupo Oi returns to operating through the judicial recovery process that had been approved by creditors in April 2024 and approved the following month. Because of this, the judge also ordered that the previous judicial administrators return to assume these positions in the company.
Suspension of bankruptcy comes after appeals from Bradesco and Itaú
Last Wednesday (12/11), Bradesco and Itaú Unibanco filed legal appeals to request that Oi’s bankruptcy decree be suspended. The main argument of the two banks is that continuing the judicial recovery process would be less costly for creditors and would still maintain a public interest company in operation.
The suspension of the bankruptcy decree came precisely after analyzing these requests. In the judge’s opinion, bankruptcy would be harmful to the operator’s creditors and employees, and could lead to the abrupt closure of essential telecommunications services for the population.
It is worth noting that both banks are among Oi’s creditors. Itaú has more than R$2 billion in unsecured credits (without assets as collateral) to be received. Bradesco has almost R$50 million in unsecured credits, in addition to around R$75 million in extra-bankruptcy credits (not included in the judicial recovery payment plan).
The 7th Business Court of the District of the Capital had declared Oi bankrupt because it considered that the operational situation of the company, which began to fail to comply with the obligations of the judicial recovery plan as of this year, made it “technically bankrupt”.
With the suspension of the bankruptcy credit, the recovery process is restored, with Oi having to follow what was established in this plan, as well as carry out an orderly liquidation of assets (sale of assets to pay part of the debts).
With information from TeleSíntese and Teletime
Source: https://tecnoblog.net/noticias/falencia-da-oi-e-suspensa-apos-recursos-de-bancos/
