Rio Court Declares Grupo Oi Bankrupt, Orders Managed Liquidation

Overview

• Judge Simone Gastesi Chevrand converted Oi’s long-running restructuring into bankruptcy and initiated an orderly liquidation under judicial supervision.
• The board and executives were removed and management passed to administrator Bruno Rezende of Preserva-Ação.
• All lawsuits and executions were suspended and asset dispositions were restricted, including a freeze on the account used for transfers to V.tal.
• Operations will continue on a provisional basis to maintain emergency numbers and public-service contracts, with Anatel and the Communications Ministry monitoring the shift to other providers.
• The ruling cited roughly R$1.7 billion in extraconcursal debt and about R$200 million in monthly revenue, extended the decree to PTIF and Oi Brasil Holdings, and allowed Serede and Tahto to pursue separate recoveries.