Statement of Oi Creditors Regarding Fallback Bid
19 Abril 2024 - 1:45PM
Business Wire
In connection with Oi’s restructuring plan and ClientCo
marketing process, certain financial creditors and V.Tal have
reached agreement on principal commercial terms of a “fallback” bid
for ClientCo that would include, as consideration, a combination of
V.Tal equity and credit-bidding of obligations, sufficient to put
Oi’s aggregate equity stake in V.Tal (subject to certain potential
adjustments) at 27.5%.
Creditors support a robust sale process for ClientCo, including
Oi’s efforts to achieve a successful cash sale of the business in
accordance with the restructuring plan. This bid would be submitted
only in a subsequent round of bidding in the event that an approved
cash sale does not occur in the initial round. Oi is not a party to
any agreement with respect to this bid at this time.
This statement is made on behalf of the Ad Hoc Group of Oi
Noteholders.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240419288044/en/
Katie Moss katie.moss@davispolk.com