:strip_icc()/i.s3.glbimg.com/v1/AUTH_63b422c2caee4269b8b34177e8876b93/internal_photos/bs/2020/C/3/9StaElRCGW7IuCd21FYg/foto21emp-101-oi-b5.jpg)
[ad_1]
Oi’s creditors meeting in a meeting last Tuesday approved an addition to the operator’s court reorganization plan.
Banks tried to suspend the Oi meeting, which ended up agreeing to a reduction of the discount on the nominal value of the loans – Photo: Silvia Zamboni / Valor
In class I, of labor creditors, there were 99.8% favorable votes among those present. In the case of secured creditors (class II), of which BNDES was the only member, approval was 100%. In the group of unsecured creditors present at the AGC, 96.84% of those attending the meeting voted in favor of the amendment, which represents 68.15% of the total loans of this class. Among micro-enterprises, favorable votes corresponded to 99.2% of those present.
For labor and micro-business creditors, approval by a simple majority of those present at the meeting was required, regardless of the amount of credits to be received. Classes made up of unsecured and collateralized creditors, there was a need for approval by creditors representing more than half of the total value of the credits. And, cumulatively, by the simple majority of creditors present.
The amendment was considered essential by the company to maintain its investment strategy, since it allows the sale of Oi’s mobile phone assets, data centers, telecommunications towers and part of the fiber optic infrastructure, in addition to the operation of Pay TV. by satellite.
AGC suffered four important interruptions, due to negotiations between Oi and creditors, during its more than 11 hours duration. The greatest resistance to the approval of the amendment came from local banks, in disagreement with Oi’s proposal for a discount of up to 60% on the face value of the loans that these institutions should receive. Oi’s gross debt with local banks and export credit agencies amounts to R $ 18.52 billion, if the nominal value is considered.
Representatives of Itaú Unibanco, Caixa Econômica Federal and Banco do Brasil defended during the meeting the suspension for at least 30 days of the general meeting of creditors (AGC) so that the modification to the plan proposed by Oi could be discussed again. The ten representatives of labor creditors and small companies that were summoned to intervene during the meeting spoke out in favor of the increase.
After lengthy negotiations, Oi agreed to reduce the discount on the face value of its debt with local banks and export credit agencies from 60% to 55%. Another concession to creditors was the reduction from 55% to 50% in the “haircut” (discount) of the debt of financial institutions that grant lines of bank guarantee to the company. Among other points, Oi has also pledged to exclude the provision of two shifts to hold reverse auctions aimed at paying creditors.
