Rio Appeals Court Suspends Oi Bankruptcy, Restores Judicial Recovery

Overview

• Desembargadora Mônica Maria Costa of the TJRJ granted appeals from Itaú and Bradesco, reversing the 7th Business Court’s ruling that had declared Oi technically bankrupt.
• The decision reinstates the prior court-appointed administration—Wald Administração and judicial manager Bruno Rezende—to carry out the approved restructuring plan.
• Responding to V.tal’s petition, the court suspended the freeze on proceeds from asset sales in the second recovery and affirmed that UPI transactions do not transfer legacy liabilities to buyers.
• The ruling directs Anatel and the federal government to propose measures that ensure continuity of public-interest services, including emergency lines and coverage in remote areas.
• The judge ordered inquiries into Pimco’s conduct after allegations of mismanagement, keeping the case in recovery with orderly asset disposals rather than abrupt liquidation.