Brazil’s Oi Requests Court to Extend Judicial Recovery Deadline

Oi's judicial reorganization was expected to be completed on February 4th, 2020; the operator has recorded a loss of R$5.7 billion (US$1.425 billion).

RIO DE JANEIRO, BRAZIL - After the market closed on Friday, December 6th, Oi announced that it had petitioned the 7th Business Court of Rio de Janeiro for an extension of its judicial recovery deadline.

Originally, the court proceeding would end on February 4th, 2020, two years after the filing of the original reorganization petition.

Oi argues that this extension after two years is a "logical measure" that has been used in most judicial reorganization proceedings, and that "it has already completed most of the stages established in the proceeding".

In addition, the company advises that the execution of the strategic . . .

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