Oi has made payments to over 600 São Paulo creditors
Debt-laden Brazilian carrier Oi, which filed for Latin America's biggest bankruptcy protection over a year ago, has paid some 10mn reais (US$3.26mn) to over 600 small creditors from São Paulo state that signed up for a special settlement program.
The program provides for the payment of up to 50,000 reais to creditors of the company's judicial recovery process listed in a report published in May. Of Oi's estimated 55,000 creditors, about 53,000 are owed up to 50,000 reais.
In a statement, Oi said it has reopened a window for São Paulo creditors who wish to join the program. Those interested can access the settlement platform online (here) to schedule a meeting.
If agreement is reached, payment will be made in two installments. The first, 90% of the amount owed, will be deposited within 10 business days after the signing of the agreement.
The remaining 10% is paid within 10 business days after the approval of the Judicial Recovery Plan, to be voted at a general meeting of creditors in December.
In related news, the Rio de Janeiro corporate court overseeing Oi's case issued a precautionary measure banning two statutory directors appointed by the company's board on November 3 from interfering in topics linked to the company's judicial reorganization.
The measure also prevents the executives, whose appointment sparked an internal crisis, from negotiating the debt restructuring plan with stakeholders.
The decision is provisional and will be subject to review after the parties involved have submitted comments.
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