Statement of Oi Creditors Regarding Fallback Bid

Creditors support a robust sale process for ClientCo, including Oi’s efforts to achieve a successful cash sale of the business in accordance with the restructuring plan.

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Venerdì, Aprile 19, 2024
Information
Tags: 
Telecommunications, Networks, Internet, Finance, Professional Services, Technology, VoIP, Mobile, Wireless, Sale, Creditor
Geotags: 
UNITED STATES, SOUTH AMERICA, NORTH AMERICA, BRAZIL, NEW YORK
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Sommario
Key Points: 
  • Creditors support a robust sale process for ClientCo, including Oi’s efforts to achieve a successful cash sale of the business in accordance with the restructuring plan.
  • This bid would be submitted only in a subsequent round of bidding in the event that an approved cash sale does not occur in the initial round.
  • Oi is not a party to any agreement with respect to this bid at this time.
  • This statement is made on behalf of the Ad Hoc Group of Oi Noteholders.


In connection with Oi’s restructuring plan and ClientCo marketing process, certain financial creditors and V.Tal have reached agreement on principal commercial terms of a “fallback” bid for ClientCo that would include, as consideration, a combination of V.Tal equity and credit-bidding of obligations, sufficient to put Oi’s aggregate equity stake in V.Tal (subject to certain potential adjustments) at 27.5%.

Creditors support a robust sale process for ClientCo, including Oi’s efforts to achieve a successful cash sale of the business in accordance with the restructuring plan. This bid would be submitted only in a subsequent round of bidding in the event that an approved cash sale does not occur in the initial round. Oi is not a party to any agreement with respect to this bid at this time.

This statement is made on behalf of the Ad Hoc Group of Oi Noteholders.

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