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Oi Móvel / Oi Telecommunications store in São Paulo (Photo: Paulo Fridman / Corbis via Getty Images)
The proposal to change Oi’s judicial recovery plan (OIBR3; OIBR4) was approved on Tuesday night (8) in a 12-hour virtual meeting of creditors marked by tensions, conflicts and technical problems. The modification of the previous plan, which was in force since 2017, will open the door to the sale of assets of the fourth largest TV in the country.
The new plan foresees the sale of mobile networks, towers, data centers and part of the fiber optic network, raising more than R $ 22 billion. The money will be used to prepay debt, with cuts in the range of 50% to 55%, in addition to supporting future investments.
The main asset is mobile networks: over the weekend, the company reported that it placed the binding proposal of R $ 16.5 billion from the consortium formed by rivals Vivo, Claro and TIM as a “stalking horse”. Thus, companies will have the right to cover any offer of greater value that is presented in the process. With the sales, Oi hopes to reduce its debt and complete the judicial reorganization in May 2022.
The meeting was marked by differences with Itaú Unibanco, Caixa Econômica Federal and Banco do Brasil, among other financial institutions. The banks criticized that the new version of the plan established a discount of between 55% and 60% in the amount of debt to be paid by TV, compared to the original version of the plan, in 2017.
Bank representatives defended during the meeting the suspension of the meeting for at least 30 days so that the modification to the plan proposed by Oi could be discussed again, a request denied by the judicial administrator of the process. The assembly was paralyzed three times for the parties to try to reach an agreement.
At the end of the night, Oi also announced a slight decrease in the discount for the range of 50% to 55%. “The changes come in the spirit of enabling the approval of the plan, but also of guaranteeing the sustainability of its execution,” declared Oi president Rodrigo Abreu before voting began.
In a statement to the market, the company stressed that it considers that the “amendment to the PRJ [plano de recuperação judicial] approved serves all stakeholders in a balanced way and guarantees operational viability, greater flexibility and financial efficiency and the sustainability of recoveries, with the execution of the judicial reorganization plan and the strategic transformation plan, the repositioning of the company and the creation of value for all its stakeholders ”.
(With Agência Estado)
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