The Brazilian telecoms company Oi canceled an extraordinary investor meeting that would happen Feb. 7, arguing that it would violate a court decision.
The court authorized the company’s judicial healing strategy and identified that “the significant modifications, including the company’s by-laws, do not need an Amazing Investors’ Satisfying and might be performed by the company’s management bodies.”
The court ruling likewise says that “convening an investors’ meeting, in this case, would reinstall the instability strongly declined by the court throughout this judicial healing process.”
The Amazing Investors’ Meeting was convened by Bratel, Oi’s shareholder and a subsidiary of Pharol (previous Portugal Telecom), and focused on discussing an alleged offense of by-laws in the judicial recovery strategy’s approval.
The company claimed that the capital increase operations in the strategy would lead to an “unjustified dilution of shareholders” that there was “unnecessary advantages” for some groups of creditors, who would receive “billionaire commissions and complimentary delivery of Oi’s securities.”
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