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Financial News: OI: Company Cancels Shareholders Meeting Expected For Wedn

OI: Company Cancels Shareholders Meeting Expected For Wednesday

02/03/2018 - 08:28:00 (RTTNews)

(RTTNews) - The Brazilian telecommunications company Oi canceled an extraordinary shareholder meeting that would take place Feb. 7, arguing that it would violate a court decision.

The court approved the company's judicial recovery plan and determined that "the pertinent changes, including the company's by-laws, do not require an Extraordinary Shareholders' Meeting and may be carried out by the company's management bodies."

The court ruling also says that "convening a shareholders' meeting, in this case, would reinstall the instability strongly rejected by the court throughout this judicial recovery process."

The Extraordinary Shareholders' Meeting was convened by Bratel, Oi's shareholder and a subsidiary of Pharol (former Portugal Telecom), and aimed at discussing an alleged violation of by-laws in the judicial recovery plan's approval.

The company claimed that the capital increase operations in the plan would result in an "unjustified dilution of shareholders" that there was "undue privileges" for some groups of creditors, who would receive "billionaire commissions and free delivery of Oi's securities."

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