Key Facts
—The ruling. A Rio appeals court suspended the court approval of Oi’s sale of its 27.5% stake in V.tal to funds managed by BTG Pactual for R$4.5 billion (US$870 million).
—The trigger. Creditors including funds run by PIMCO and SC Lowy, plus UMB Bank, appealed, arguing the price shortchanged them.
—The gap. The bid was about 63% below the R$12.3 billion (US$2.4 billion) floor in Oi’s recovery plan — “less than 40%” of the expected value, the judge wrote.
—The asset. V.tal is Brazil’s largest neutral fiber network and Oi’s main remaining asset; BTG funds already control it.
