A Brazilian excessive courtroom dominated on Thursday that the 11 billion reais ($2 billion) debt owed by bankrupt telecom Grupo Oi SA to Brazil’s telecommunications regulator Anatel is not going to get preferential therapy in restructuring negotiations.
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.
