Brazilian telephone carrier Oi SA said yesterday that a judge in Lisbon had decided against validating the company’s restructuring plan in Portugal for now, adding that the decision will not keep the plan from going into effect, Reuters reported. In a securities filing, Oi said that a judge determined that there are outstanding appeals related to the firm’s restructuring of 65 billion reais ($17.4 billion) in debt that must be resolved before the Portuguese court signs off on the plan. Oi added that the decision was rooted in formalities, not on the merits of the restructuring plan, which was approved by the company’s creditors in December. The firm also said that it would appeal the decision.
