Oi acknowledges statement by plan arbitrator, looks to avoid prejudice

By Caroline Salls

Pittsburgh, March 6 – Oi SA announced on Tuesday that it acknowledged a statement issued by the emergency arbitrator under proceedings filed against the company by shareholder Bratel Sarl with the Market Arbitration Chamber to address issues related to the implementation of Oi’s court-ratified judicial reorganization plan.

According to a news release, the statement was issued without the company being heard or having been granted the opportunity to offer its arguments, and Oi was granted a 48-hour deadline to provide information and reply to Bratel’s claims.

“The company believes that, by imposing illegal obstacles to the implementation of the capital increase of the company provided for under the plan, such arbitration proceeding conflicts with the resolution taken by the general meeting of creditors, which approved the plan, the judgment that ratified it and other decisions taken by the judicial reorganization court,” the release said.

Oi said it will take appropriate measures to prevent any prejudice against the implementation of the plan.

Oi is a Rio de Janeiro-based telecommunications service provider. It filed for Chapter 15 bankruptcy on June 21, 2016 in the U.S. Bankruptcy Court for the Southern District of New York under case number 16-11791.

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