Oi Completes Second Reverse Auction, Paying R$ 66 Million for R$ 240 Million in Debts
Oi has concluded its second reverse auction aimed at settling R$ 240.57 million in debts with creditors, agreeing to pay R$ 66.68 million. The auction prioritized creditors willing to accept substantial discounts, with 242 creditors participating. The process was authorized by the 7th Business Court of Rio de Janeiro and addressed debts not included in the initial recovery plan.
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Oi completed its second reverse auction to pay R$ 240.57 million in debts, settling for R$ 66.68 million after significant discounts. The auction involved 242 creditors, including Accenture, Itaú Unibanco, and data center Ascenty.
It was authorized by the 7th Business Court of Rio de Janeiro and targeted debts incurred between March 2023 and January 31, 2024. The auction followed parameters from the first round, requiring a minimum 70% discount for debts over R$ 1 million and 40% for smaller amounts. This auction builds on Oi's previous success in reducing R$ 480 million in debts during the first round.
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