October 7, 2020 |
A judge in Rio de Janeiro set a 12-month deadline for Brazilian telecommunications company Oi to finish its restructuring process, although it said it could grant more time if needed, Oi said in a securities filing on Monday.
In the ruling, Judge Fernando Viana from the 7th Corporate Court of Rio de Janeiro approved proposed amendments to the restructuring plan but dismissed an allegation of unequal treatment of creditors, Oi said.
Oi's creditors had approved changes to the plan on September 8.
Bankruptcy judge gives the Brazilian telco 12 months to complete the process