July 30, 2018

Milbank Represents Committee of Export Credit Agencies, Facility Agents and Investment Banks in $20B Restructuring of Oi S.A.


Milbank, Tweed, Hadley & McCloy LLP has represented a committee of export credit agencies, facility agents and investment banks holding approximately $1 billion of unsecured debt in the restructuring of the Brazilian telecommunications company, Oi S.A. Taking over two years and spanning multiple jurisdictions, Oi’s debt restructuring is the largest insolvency in Brazilian history and largest debt restructuring in Latin America with over $20 billion of debt restructured as part of the transaction.

As a result of the tireless efforts of key stakeholder groups in overcoming numerous commercial, legal and other hurdles that, at various points, threatened to derail the process, the complex restructuring, including a capital injection of approximately $1.08 billion of new money, has been implemented consensually pursuant to a Brazilian judicial reorganization procedure supplemented by various ancillary insolvency processes in other jurisdictions, including the USA, the Netherlands and the UK.

Milbank’s team was led by Financial Restructuring partner Nick Angel and included partners Tobias Stirnberg, Abhi Raval, John Dewar and associates Stuart Swift, Edward Rasp, Isabel Vickers, Felicia Hanson Ofori-Quaah, Munib Hussain and Kilian de Cintre.