After approval by 73% of creditors, OEC files a debt restructuring plan in court

OEC has formalized the request for restructuring its debt in São Paulo Court after obtaining, last week, the consent of more than 73% of creditors after a long period of negotiations among the parties. This new stage will start the process of approval and implementation of the conditions negotiated in Brazil and abroad. Under the agreement, the debt of BRL 3.3 billion was reduced by 55%, extending the initial payment terms of the principal by 4.5 years and a grace period on interest for 3 years, spread over up to 5 years.

For Marco Siqueira, CEO of OEC, the approval of the Debt Restructuring Plan by international creditors is another important demonstration of confidence by the market. “Together with a new governance, a board of directors with the participation of independent members, centralized internal controls, financial stability and achievement of new works will allow OEC to continue providing the best solutions in the category for its clients and to accelerate, always in a sustainable manner, the growth of its operations”, said the officer.