Rio de Janeiro, April 10, 2017.
Brazilian Securities and Exchange Commission
(Comissão de Valores Mobiliários—CVM)
Attn.: Mr. Fernando Soares Vieira
Superintendent of Corporate Relations
Mr. Guilherme Rocha Lopes
Director of Corporate Monitoring- 2
Re.: Official Letter No. No. 133/2017/CVM/SEP/GEA-2
Request for clarifications with respect to the news.
We make reference to Official Letter No. 133/2017/CVM/SEP/GEA-2 ("Official Letter"), copy attached hereto, which requests that Oi S.A. - In Judicial Reorganization ("Oi" or "Company") make clarifications with respect to the news published on April 7, 2017 in the newspaper Valor Econômico, titled "To emerge from impasse, Oi will negotiate" ("Para sair de impasse, Oi vai negociar") to clarify the following.
In accordance with the clarifications made to the market in the Notices to the Market disclosed on December 19, 2016, January 30, 2017 and March 2 and March 31, 2017, as well as the Material Fact dated March 22, 2017, Oi reiterates that it continues to have conversations with creditors, potential investors and other stakeholders with respect to its judicial reorganization plan and the basic conditions for adjustments approved by the Company’s Board of Directors on March 22, 2017, one of the suggestions made in such conversations being the possible capitalization of the Company, by means of the conversion of the debt or the contribution of funds.
However, Oi clarifies that no decisions have been made with respect to other possible adjustments to the judicial reorganization plan since the Company’s Board of Directors meeting held on March 22, 2017, in which the basic financial conditions for adjustments to the judicial reorganization plan were approved, as disclosed to the market via a Material Fact on that date.
The understandings with creditors, potential investors and other stakeholders with respect to the judicial reorganization plan shall take place until the creditors meeting and entail studies and internal evaluations by the Company, with the objective of ascertaining possible impacts and alternatives.
Oi remains available for any further clarifications.
Oi S.A. - In Judicial Reorganization
Ricardo Malavazi Martins
Chief Financial Officer and Investor Relations Officer
Click here to see the PDF version.