The netherlands has moved forward with the request of bankruptcy of the subsidiaries of Hi – Jornal de Negócios – Portugal

On Thursday the Court of Amsterdam, the Netherlands, has received the request for conversion of the suspension of payments of Oi Brasil Holdings and Portugal Telecom International Finance B. V. (PTIF). The process advanced by the judicial administrators financial of the subsidiaries of Oi in the Netherlands was reported in the Thursday-Saturday night by the operator in a statement sent to the brazilian regulatory authority (CVM).

The request for suspension of payments, a measure that prevents the creditors of the companies to perform the debt, had entered into the justice Dutch in August. However, the judicial administrators decided to move forward with the conversion of a suspension of payments, or is, with the application for insolvency proceedings of the subsidiaries.

The hearing to discuss the approval of the request was scheduled the 12th of January 2017, informs the brazilian operator in the same statement.

The news of the request of the directors of the Dutch happens a few days after the Oi has informed the market that it had been alerted to this hypothesis. As mentioned last Tuesday, the company that has the Pharol as major shareholders underlines that the “eventual conversion would be restricted to the jurisdiction and law in the netherlands and hopes that this does not result in significant impacts on the judicial recovery – that continues including Oi Brasil Holdings and the PTIF -in your box and not on the day-to-day management of the company in Brazil”.

The Hi “you want to make every effort appropriate to seek to ensure the protection of the interests of the Oi Companies and of all its stakeholders,” noted the company, which has a total debt of 65 billion reais (close to 18 thousand million euros) – the highest amount ever in the history of the brazilian presence in a request of judicial recovery.

On Tuesday the carrier also announced that it delivered a proposal that provides for the payment of part of the debt around 58 thousand creditors (with claims of up to 50 thousand reais), and which had already advanced with the talks with the creditors on the recovery plan.

in addition, I have also held a hearing of the mediation with the regulator of the sector in Brazil (Anatel) in order to reach a solution for the payment of the debt to the entity in the amount of 20.2 billion reais (about 5.5 billion euros).