A Rio de Janeiro appeals court has suspended the sale of Oi's stake in fiber-optic joint venture V.tal to BTG Pactual funds, halting a transaction valued at approximately US$870 million.
The judicial intervention blocks the transfer of ownership pending further review of the deal's terms and valuation methodology.
The court ruled that the agreed-upon price sat significantly below the established floor, effectively shortchanging creditors in Oi's ongoing restructuring process.
This decision introduces immediate uncertainty for BTG Pactual, which had moved to acquire the stake as part of its broader exposure to Brazilian infrastructure assets.
The suspension prevents the immediate realization of proceeds that Oi likely intended to use for debt servicing or operational stabilization.
Oi has been navigating a complex corporate distress scenario, attempting to liquidate non-core assets to manage its substantial debt burden.