ATS

Highlights of Credit and Finance

Court To DetermineChoose Bankruptcy Of Brazil’s Oi Dutch Systems In January

SAO PAULO Dec 2 Brazilian telephone firm Oi
SA, which is under creditor defense, stated court
administrators had actually submitted a petition in an Amsterdam court to
convert the suspension of repayment standing of two Oi subsidiaries
right into bankruptcy.Earlier this week, Oi

stated that Dutch judicial authorities might enforce insolvency process on the Netherlands-based systems, which issued many of its bond debt.Oi has said it really hopes any kind of possible Dutch insolvency proceedings do not have a significant influenceeffect on the process in Brazil, where in June it submitted for creditor security to restructure about 65.4 billion real($ 18.3 billion) in financial debt. A hearing in Amsterdam has been set up for Jan. 12 to determinechoose the

issue, inning accordance with a filing from Oi late on Thursday in Brazil
. The application relatesconnects to Ois Netherlands-based subsidiaries, Oi Brasil Holdings

Carbon monoxide peratief UA and also Portugal Telecommunications International Finance BV which have suspension of settlements legal standing, safeguarding them from creditors and offeringproviding time to restructure. Nonetheless, if insolvency is
proclaimed, the assets of a companybankruptcy is
declared, the assets possessions a company could be sold off to pay back creditors, law firmlaw practice LVH-Advocaten, which is based in Rotterdam,
claims on its web site.( $1= 3.5751 reais). (Reporting by Ana Mano; Modifying Thursday in Brazil
.( $1= 3.5751 reais).
SAO PAULO Dec 2 Brazilian telephone firm Oi
Thursday in Brazil
.( $1= 3.5751 reais).

Leave a Reply