Bradesco and Itaú Ask Court to Halt Oi Bankruptcy After Judge Orders Managed Liquidation

Overview

• On Nov. 10, the 7th Business Court of Rio de Janeiro declared Grupo Oi bankrupt, removed its board and executives, and kept Preserva-Ação’s Bruno Rezende as judicial manager to run provisional operations and liquidate assets.
• The ruling preserves continuity of essential services such as emergency numbers, government and military links, and Caixa lottery connectivity, with the Cindacta air-traffic network already in transition to Claro under regulatory oversight.
• The court cited insolvency with roughly R$1.7 billion in debts outside recovery against about R$200 million in monthly revenue, suspended executions, froze proceeds from asset sales and V.tal’s restricted cash, and set a 15-day window for creditor claims after notice.
• On Nov. 12, Bradesco and Itaú petitioned the TJ-RJ to suspend or reverse the bankruptcy and to remove the current judicial manager, arguing risks to essential contracts and creditor recovery; other banks hold roughly R$4 billion in guarantees, according to filings reported by O Globo.
• The decree also covers PTIF and Oi Brasil Holdings Coöperatief, while group units Serede and Tahto were allowed to pursue separate judicial recoveries, and V.tal said it is evaluating the effects of the court’s decision.