Last Thursday, the 16th, Justice accepted the second request for judicial recoveryfrom Oi Group. It took just two weeks for the order to be accepted, as the company had placed the second order on March 1st. In all, the debt reaches r$ 43.7 billion declared this time.
In Rio de Janeiro, Judge Fernando Cesar Ferreira Viana, from the state's 7th Corporate Court, accepted the request of the Hey. The company was granted the necessary 60 days to present a recovery plan to the Court financial.
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During this period, therefore, the company is free to settle its financial obligations so that it can present its strategies in the coming months.
Grupo Oi requests second request for judicial recovery
Grupo Oi filed for bankruptcy protection in 2016, also in Rio de Janeiro, when it owed more than 55,000 creditors and accumulated a debt of R$65 billion. Oi's second request was expected by other companies, as in February the company requested precautionary protection for a period of 30 days.
According to the judge in the case, the action being requested for the second time in the same company is a difficult case to finding, as Viana stated, “is rare, but legally possible” and is within the rights established by law. According to the judiciary, Grupo Oi performs important economic functions for Brazilian society.
“Law 11,101/2005 does not limit the number of requests for judicial recovery, and the legislator did well with that, as an economic and financial crisis can exist in several occasions and for different reasons”, wrote Viana, adding that he accepts the second request based on the legislation so that Oi can comply with the requirements cool.
The current recovery shows a lower value compared to what was presented in 2016 and Oi argues that its restructuring projects were well underway, but planning was insufficient to meet the agreements.
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