Brasilian offices act in Oi’s judicial rehabilitation process
BMA Barbosa Müssnich Aragão advised Oi, Pinheiro Neto Advogados was counsel to TIM; Machado Meyer Advogados advised Telefônica Brasil and Veirando Advogados was counsel to Claro
The Oi, sold its mobile operation to Telefônica Brasil, TIM and Claro, within the scope of the competitive process of Oi’s judicial reorganization.
The sale and purchase agreement had been executed on January 28, 2021 and the completion of the transaction was subject to the fulfillment of certain conditions precedent, including regulatory authorizations by CADE (The Brazilian Antitrust Enforcement Agency) and Anatel (National Agency for Telecommunications). Due to the conclusion of the transaction, Oi ends one of the most critical stages of its restructuring, fully paying off the debt of R$4.64 billion with the BNDS, and now it heads to also end its judicial recovery process.
The value of the transaction was approximately R$16 billion, and a portion of this amount (approximately R$1.5 billion) will be retained by the purchasers for possible price adjustments. In addition, Oi will receive R$ 586 million for the provision of transition services to the buyers and R$ 819 million, which will be divided and paid in monthly installments for up to 10 years, for the provision to the buyers of data transmission capacity services.
BMA – Barbosa Müssnich Aragão – counsel to Oi S.A. – In Judicial Recovery relied on partners Luiz Antonio de Sampaio Campos (Corporate) (pictured top left), Rafael Padilha Calabria (Corporate), Sergio Savi (Restructuring and Insolvency), José Otavio Faloppa (Tax) and Luis Henrique da Conceição Costa (Tax). Associates: Felipe Guimarães Rosa Bon (Corporate), Christopher Zibordi (Corporate), Pedro Henrique Sili (Restructuring and Insolvency), Julia Carniel Rosa (Corporate), Amanda Helena de Morais e Silva (Corporate) and Marvio Bonelli (Corporate).
Pinheiro Neto Advogados advised TIM. The deal was led by partner Marcelo Viveiros de Moura (corporate – Rio de Janeiro) (pictured top left) and senior associate André Santa Ritta (corporate – Rio de Janeiro), with the relevant participation of a number of different partners and associates in their respective areas of expertise, such as: partner Giuliano Colombo (Bankruptcy), partners José Alexandre Buaiz, Daniel Rebello (antitrust – Brasilia) and Cristianne Zarzur (antitruste – São Paulo) and associate Marina Chakmati (antitruste – São Paulo), partners Emir Oliveira and Carlos Henrique Bechara (tax – Rio de Janeiro), senior associates João Rafael Gandara and Felipe Bernardelli (tax – Rio de Janeiro) and associates Beatriz Costa de Melo and Júlia Mello Leitão Moreira de Carvalho (tax – Rio de Janeiro), partner Bianca Pumar and sênior associate Rafael Goldstein (consumer-relations Rio de Janeiro), counsel Marcos Saldanha Proença (capital markets – Rio de Janeiro) and junior associates Miguel Arraes e Antonio Carlos de Almeida Braga (corporate – Rio de Janeiro). There was no counsel for BNDES, who received payment of its credit in the terms of the judicial reorganisation plan of Oi.
Machado Meyer Advogados was counsel to Telefônica Brasil and relied on partner Adriana Pallis (pictured bottom left) and associates Rafael C. Silva, Gabriela Bassi, Tathiana Bussab (Corporate /M&A). partner Marcos Verissimo and associate Ana Carolina L. Carvalho (Antitrust), partner Renata Oliveira and associate Giovanna Podcameni (Restructuring and Insolvency), partners Bruna Marrara and Fernando Tonanni and associates Clarissa Torrente and Cesar Manzione (tax)
Veirando Advogados was counsel to Claro – and relied on partners Alberto Bragança,(pictured bottom right), Leonardo Maniglia Duarte, Paulo Campana, Vitor Rozenthal, Julia Tamer Langen, associate Pedro Salgueiro Figueiredo and lawyers Carolina Villela, Gabriela Valuche Clemente.
