Oi said in a statement released on Tuesday (6) that the judge of the 7th Business Court of the Capital District of the State of Rio de Janeiro rejected Bratel's request for partial reconsideration of the homologation of the judicial recovery plan, approved at the end of last year by the creditors' meeting of the operator.
Bratel is the investment vehicle of Pharol (formerly Portugal Telecom), the largest shareholder of Oi, and questions the plan approved by creditors on December 19 and ratified on January 8.
Bratel even called an Extraordinary General Meeting for February 7, but the court also upheld the decision, according to today's press release, of not holding the shareholders' meeting.
According to the order, Bratel requests partial reconsideration, with changes to some clauses and suspension until the Extraordinary General Meeting.
Ricardo Lafayette Campos, the substitute judge who signed the ruling, details that some creditors have defended Oi's judicial recovery plan and have argued that minority shareholders are seeking "only their interests, an attitude that undermines the success of the recovery endeavor."
Campos recalls that Bratel claims that the board's actions supersede the powers of the company's deliberative bodies, but argues that the plan was approved by an absolute majority of the creditors and that the decision that approved it is duly substantiated.
Today, Oi's main individual shareholder is Pharol SGPS, the former Portugal Telecom, through the subsidiary Bratel. During the process of recovery, however, the influence of the investment fund Société Mondiale, of the businessman Nelson Tanure, increased its shareholding, increased its influence in the board of directors and became the leader of the group of shareholders which together holds about 30% of the operator.
Approval of the plan
In December last year, Oi's creditors approved the company's judicial recovery plan, which is considered an essential step in preventing bankruptcy or federal intervention in Oi.
g1.globo.com/economia/noticia/...parcial-do-plano-da-oi.ghtml