Oi Group Requested Its Judicial Reorganization Proceeding

Today, Oi Group requested its judicial reorganization proceeding in Court. The lawsuit was assigned to the Seventh Business Court of the City of Rio de Janeiro, State of Rio de Janeiro, dockets No. 0203711-65.2016.8.19.0001. The judge has not accepted the judicial reorganization request yet, but, as soon as it happens, Oi Group shall present a plan within 60 days, informing the manner it proposes payment of its debts. The granting of the authorization will also trigger the suspension of the existing lawsuits against Oi Group for 180 days. Reorganization Plans usually entices payment of debts in several installments and with substantial discounts. Oi Group has already filed a preliminary list of creditors, appointing the amounts due, but such list was not published in the Official Gazette. The creditors not included in this list or the credits of which are not appointed correctly shall present a motion to the judicial administrator requesting any possible correction