Operator Oi exited bankruptcy protection after a Brazilian court agreed it had met terms regarding certain debt repayments, ending a restructuring process [1] commenced in 2016.
Oi stated estimated total debts of BRL65 billion ($12.2 billion) had been substantially reduced to BRL18.3 billion by the end of the bankruptcy proceedings, as it successfully completed obligations including sales of its assets [2] and loan settlements with state development bank BNDES.
The operator noted it paid-off its debts with BNDES in the amount of BRL4.6 billion and settled a BRL2.4 billion bridge loan alongside debts related to acquisition and InfraCo.
Among various debt-reduction moves, Oi offloaded data centres to Piemonte Holding in 2021 and its mobile business to units of Telecom Italia, Telefonica and America Movil.
Oi stated it will take the next steps in “the execution of its strategic plan” to fulfil “the remaining obligations of the Judicial Reorganisation Plan”.
The operator said its next recovery plans involve improving “core business” revenue, exploring new sources and a cost structure shake up.
Oi added it will continue to optimise its “debt profile” and meet its obligations as a fixed-line operator along with “services based on legacy infrastructure”.
[1] https://www.mobileworldlive.com/featured-content/home-banner/oi-files-for-bankruptcy-protection-after-negotiations-fail/
[2] https://www.mobileworldlive.com/featured-content/top-three/oi-mobile-asset-sale-finally-crosses-the-line/
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