Oi has filed a petition with the courts requesting an emergency conservatorship as a preliminary step to a new judicial recovery process since it is unable to pay its debts due next week and runs the risk that suppliers will cut off essential services.
In its request, the company argues that the company's capital structure remains unsustainable as there are financial debts of US$ 5,737 billion with ECA holders, bondholders and domestic banks, with more than half of this debt linked to the US currency and with the danger of increasing due to exchange rate fluctuations.
It also points to the regulators (Anatel and CADE), the rise in the dollar, interest rate increases and also the Covid pandemic as being to blame for the situation.