Aside from the loan, V.Tal stated that it reached agreements with some of Oi’s creditors regarding potential participation in a second round of assets auction from the company.
SAO PAULO (Reuters) – The fiber optic network operator V.Tal stated on Monday that it signed an agreement to grant Oi a loan of R$ 758.5 million, maturing in 2027, according to the terms of the company’s second judicial recovery plan once considered a national champion.
The loan from V.Tal, which is controlled by BTG Pactual funds, will be granted in the “debtor in possession” modality and will have real and “fiduciary” guarantees, the company stated in a relevant fact to the market.
In addition to the loan, V.Tal said it reached agreements with some of Oi’s creditors regarding potential participation in a second round of assets auction from the company that has been under judicial recovery since 2016.
“The eventual participation of the proponent (V.Tal or affiliate) in the competitive process for the acquisition of UPI ClientCo will only occur if the first round of the UPI ClientCo alienation procedure is unfruitful,” the company stated in the relevant fact.
On Friday, Oi announced that the creditors’ assembly approved the company’s judicial recovery plan. The company had informed in February that the plan included the raising of a “superpriority” loan in reais equivalent to US$ 650 million and the sale of stakes in companies including the fiber optic company V.tal.
