PORTUGAL TELECOM INTERNATIONAL FINANCE B.V. – under Judicial Reorganization
(the “Issuer”)
€400,000,000 6.25% Notes due 26 July 2016 (the “Notes”)
guaranteed by Oi S.A. – under Judicial Reorganization
ISIN CODE: PTPTCYOM0008
ANNOUNCEMENT
Following the judicial decision of acceptance of the proceedings for judicial reorganization of Oi
S.A. – under Judicial Reorganization and its direct and indirect wholly-owned subsidiaries, Oi
Móvel S.A. – under Judicial Reorganization, Telemar Norte Leste S.A. – under Judicial
Reorganization, Copart 4 Participações S.A. – under Judicial Reorganization, Copart 5
Participações S.A. – under Judicial Reorganization, Portugal Telecom International Finance B.V.
– under Judicial Reorganization and Oi Brasil Holdings Coöperatief U.A. – under Judicial
Reorganization (the “Oi Companies”) before the Court of Rio de Janeiro, which was announced
on 30 June 2016 (with the announcement published at
14), the Oi Companies have
become subject to a creditor protection regime governed by the Brazilian law.
In the context of the aforementioned proceedings for judicial reorganization, the Oi Companies
have to file a recovery plan and, as general principle, any payment obligations which arose prior
to the filing of the judicial reorganization request (June 20, 2016), including those relating to the
Notes, shall be satisfied pursuant to a recovery plan to be approved by the creditors and ratified by
the court.
For this reason, no payment will be made on the maturity date of the Notes.
The Issuer will promptly publish any information relevant for the noteholders which arises from
the judicial reorganization proceedings.
By the way, UBS has credited the interest for the PTIF16 today, but it will be cancelled probably soon