Loyens & Loeff acted as Dutch counsel to Oi S.A. in USD 20 billion debt restructuring
European law firm Loyens & Loeff has advised Brazilian telecom company Oi in its restructuring of more than USD 20 billion debt, the largest-ever debt restructuring in Latin America.
Headquartered in Rio de Janeiro, Oi operates a vital telecommunications business, providing telecom services to some 63 million customers and employing over 143,000 direct and indirect employees.
Loyens & Loeff acted as Dutch counsel to Oi, next to U.S. law firm White & Case and Brazilian law firm BMA (Barbosa, Müssnich, Aragão). Loyens & Loeff advised Oi on questions of Dutch law in relation to various judicial insolvency proceedings, particularly in Brazil, the United Kingdom, the United States, Portugal and the Cayman Islands. In the Netherlands, Loyens & Loeff advised and represented Oi in relation to judicial insolvency proceedings concerning Oi’s financing companies and in a number of (creditor) litigations. Loyens & Loeff played a key role in coordinating these insolvency proceedings and litigations.
The restructuring process took several years. Following intense negotiations among debt and equity stakeholders, Oi’s restructuring plan received overwhelming support from the creditors during a successful creditor’s meeting in December 2017. In June 2018, two composition plans offered in the Dutch judicial insolvency proceedings of Oi’s financing companies were approved by creditors and ratified by the Amsterdam District Court. These plans materially ‘mirror’ Oi’s restructuring plan and will give effect to the restructuring plan internationally.
The Loyens & Loeff team consisted of a broad group of partners and (senior) associates, among others Vincent Vroom and Loek Kerstens (restructuring), Sidney Berendsen and Huib Schrama (litigation), Martijn Schoonewille (capital markets), Lilian Welling-Steffens (Banking & Finance), Jeroen Janssen and Michiel Schul (international tax services) and Freek Hilberdink (deputy notary corporate/M&A).
For advice on similar matters please contact the team members.
Vincent VroomPartner Attorney at law
Vincent Vroom, attorney at law, is chairman of the Litigation & Risk Management Group. He specialises in restructuring and insolvency matters. He handles a range of issues in restructuring cases whether they arise within the courtroom or outside.T: +31 20 578 59 84 M: +31 6 51 26 63 19 E: [email protected]
Jeroen JanssenPartner Attorney at law - Tax adviser
Jeroen Janssen, attorney at law - tax expert, is a member of Loyens & Loeff’s International Tax Services practice group and our Latin America Region Team. He focuses strongly on the Brazilian, Mexican and Israeli markets.T: +31 20 578 54 00 E: [email protected]
Michiel SchulPartner Tax adviser
Michiel Schul is a partner in Loyens & Loeff’s International Tax Services practice group and a member of the Energy Team and the US Region Team. From 2011 to 2013 he worked in Loyens & Loeff’s New York office.T: +31 20 578 53 38 M: +31 6 51 88 64 01 E: [email protected]
Freek HilberdinkPartner Civil Law Notary
Freek Hilberdink, partner, is a member of the Corporate practice group in our Amsterdam office. He specialises in providing corporate advice on all aspects of national and international mergers, acquisitions, restructurings and joint ventures, with a strong focus on private equity transactions and management buyouts. He is a member of the Private Equity team.T: +31 20 578 52 09 M: +31 6 23 27 57 92 E: [email protected]
Sidney BerendsenPartner Attorney at law
Sidney Berendsen, attorney at law, is a specialist in corporate law disputes, such as disputes involving M&A transactions, disputes between shareholders, proceedings with the Enterprise Chamber of the Court of Appeals and directors’ and supervisors’ liability.T: +31 20 578 57 80 E: [email protected]