The Superior Court docket of Justice, often known as STJ, Brazil’s second-highest courtroom, dominated that the debt was administrative and couldn’t be given precedence therapy.
Brazil’s greatest fixed-line telecommunications operator filed for chapter safety in June 2016. Oi had about 65 billion reais of debt on the time.
Oi’s in-court reorganization, which stays Brazil’s largest chapter safety case thus far, has been marked by disputes between collectors and shareholders over the destiny of Brazil’s No. four wi-fi service.
Oi confirmed final week that it has acquired a brand new 16.5 billion reais ($3.2 billion) bid for its cell property from its three telecom rivals, Tim Participacoes, Telefonica Brasil and America Movil’s Claro.