Oi has a complicated life, now the company is in debt of R$ 35 billion, which led to a new request for debt recovery. The order was delivered to the 7th Corporate Court of Rio de Janeiro on an urgent basis.
Read too: When is a worker entitled to sickness benefit?
For you to understand the story, at the beginning of last month, Oi obtained a precautionary measure in court that protected it for 30 days from the blocking of assets by creditors, but the parties did not reach an agreement.
Unfortunately for the company, the protection expired this Thursday (2). In this case, there was no alternative but to file for judicial recovery.
On Wednesday (1st), Oi sent a clarification to the CVM (Securities and Exchange Commission) in which it says that together with its subsidiaries they have been making efforts to renegotiate financial debts. Negotiations with creditors are ongoing.
Remembering the case of Oi
The first request for judicial recovery took place in June 2016, after Oi accumulated a debt of BRL 65 billion. The request was made at the Court of Justice of Rio de Janeiro. However, the approval only happened in February 2018.
In 2023, banks began to pressure the company in court to redeem debts. However, last month, Oi informed in a note that it fulfilled all the obligations of the first judicial recovery.
He had also informed that he obtained a precautionary measure in the Justice of Rio that kept the company protected from more than 55 thousand creditors for 30 days, that is, the new movement in March was already awaited by the market.
The less optimistic are thinking that it will be very difficult for Oi to get approval for a second judicial recovery.
This second crisis created great distrust in the market regarding what could happen in the future with Oi’s businesses.
Read too: INSS: Check out the step-by-step guide to updating registration data
notice to customers
So that customers do not become suspicious, the company reported that it will normally maintain its operations, with its commercial, operational and administrative activities.
He also said that he will continue to invest in structuring projects aimed at promoting quality improvement in the provision of its services and in strategic developments that allow the permanent evolution of its performance as an important player in the Brazilian telecommunications and information technology market.
In case of bankruptcy, the assets are sold to raise money to pay the company’s debts, which cease to exist.