Rio Court Halts Oi Bankruptcy and Restores Judicial Recovery

Overview

• The decision by Judge Mônica Maria Costa of the TJ-RJ’s 1st Chamber suspends the first-instance bankruptcy order and reinstates Oi’s court recovery.
• Oi must proceed with an organized liquidation of assets within the recovery process, with the previous court-appointed administrators restored, including oversight by Bruno Rezende and the Wald/Preserva-Ação team.
• Anatel and the federal government were formally summoned to propose measures to ensure continuity of essential public services, with the ruling citing the public-interest risk.
• The court ordered an inquiry into Pimco’s role after it took control of Oi, pointing to indications of governance and management problems during the recent period.
• Major creditors Itaú and Bradesco successfully sought the suspension, while asset buyer V.tal is appealing to protect prior, court-approved transactions and to release about R$170 million it says was improperly frozen.