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Oi cleared by courts to bid in public tenders

Bnamericas Published: Friday, January 04, 2019
Oi cleared by courts to bid in public tenders

Brazilian telecom operator Oi, which is in bankruptcy protection since 2016, has been cleared by the country's superior court of justice (STJ) to bid in public tenders.

STJ chief justice João Otávio de Noronha suspended an injunction filed by the federal government that prevented Oi from participating in any such bidding processes.

Noronha's ruling exempts Oi from submitting tax clearance certificates as a requisite to participate in the tenders.

Oi filed for Latin America's biggest-ever bankruptcy protection in June 2016, with over 65bn reais (US$17bn) in debt. In December 2017, creditors and bondholders approved a key reorganization plan.

Now the company is carrying out a capital increase, which foresees the entry of 4bn reais in new funds, as greenlighted by authorities and endorsed by shareholders in June.

Oi plans to invest 21bn reais over the next three years in Brazil, mostly in the expansion of its mobile networks and the roll-out of fiber-to-the-home.

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