“The current state of the debtors’ insolvency is already a public and well-known fact, recognized by creditors, the market, and service providers, to such an extent that the company’s judicial liquidation is considered imperative,” states the judicial document declaring Oi bankrupt.
The company’s operations will continue temporarily to ensure the maintenance of essential services and the orderly liquidation of the company’s assets.
Oi provides integrated services of fixed voice, broadband, and pay TV, carrying a gross debt of $6.6 billion (€5.7 billion) in the second quarter of this year, according to the financial report.
Pacific Investment Management is the largest shareholder with approximately 36% of the total capital, according to Oi’s website.
