Statement of Certain Oi Creditors regarding expiration of Non-Disclosure Agreements

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NEW YORK--(BUSINESS WIRE)--Oct 6, 2025--

This announcement is made on behalf of certain holders or beneficial owners, or investment managers or investment advisors on behalf of certain entities or discretionary accounts that are holders or beneficial owners (each, a “Creditor Party” and collectively, the “Creditor Parties”) of certain securities issued by Oi S.A – Under Judicial Reorganization (collectively, with its affiliates, “Oi”, or the “Company”) to satisfy disclosure obligations under certain confidentiality agreements between the Creditor Parties and the Company (the “NDAs”).

Confidentiality Agreements

The Creditor Parties entered into the NDAs with the Company to evaluate certain restructuring proposals and related information, including in connection with Oi’s then-contemplated potential chapter 11 filings. Oi and the Creditor Parties and their respective advisors and representatives engaged in discussions regarding these matters and engaged with respect to certain transaction proposals. During the engagement, the Company and its representatives advocated to the Creditor Parties to support a chapter 11 strategy and provide financing for it, including by expressing the view (as also expressed by the Company in court filings) that chapter 11 provided Oi’s only viable path to (a) address liquidity pressure that Oi did not believe could be addressed under the status quo or solely with modifications to Oi’s restructuring plan and (b) avoid uncontrolled liquidation and describing potential liquidation scenarios that would, in the Company’s view, have a significant negative impact on creditors for a variety of reasons, including potential process and collateral enforcement delays (and depreciation of collateral), litigation, public scrutiny and regulatory complexities, as well as the interconnectivity between Oi and V.tal operations and potential negative implications for the V.tal equity held by Oi. As a general matter, the Company's presentation of scenarios considered chapter 11 cases for Oi as an alternative to an uncontrolled liquidation ( falencia ) process. Neither the September 30 Decision (as defined below) nor theoretical “middle ground” scenarios, in which a managed transition might occur in the context of the ongoing judicial reorganization proceedings (rather than in a falencia ) were generally considered as part of this comparison. The Creditor Parties did not ultimately enter into any agreement with the Company. Further, while the Creditor Parties acknowledged (including in court proceedings) the risks and detrimental impact of an uncontrolled liquidation and engaged in discussions with the Company and its advisors regarding such scenarios, the Creditor Parties did not adopt, or take positions adopting, the Company’s views regarding the specific profiles of chapter 11 versus liquidation scenarios. Instead, the Creditor Parties sought stakeholder engagement toward a consensual resolution.

In view of recent developments, the Creditor Parties continue to believe that there is value in a consensus solution for Oi and that an orderly transaction to address Oi’s capital structure and the Creditor Parties’ collateral is preferable to an uncontrolled liquidation proceeding. The Creditor Parties remain open to engagement with Oi and its stakeholders.

Creditor Self-Disclosure

Pursuant to the NDAs, the Company was obligated to make certain public disclosures (the “Public Disclosures”) by no later than Friday, October 3 at 7:00 pm São Paulo time. On September 30, 2025, a court order was entered by the 7th Business Court of the City and State of Rio de Janeiro, Brazil imposing new governance at Oi (the “September 30 Decision”). The Creditor Parties understand that, due to the recency of the September 30 Decision and the changes to Oi’s governance that are still taking place, Oi did not have the requisite internal authorization to make the Public Disclosures by the contractual deadline. Accordingly, and in accordance with the terms of the NDAs, the Creditor Parties are making this announcement to provide the Public Disclosures.

Certain materials containing Public Disclosures can be accessed here (the “Disclosure Materials”). Note that the Disclosure Materials consist of a “cleansing packet” provided substantially by Oi prior to the above described court decision, as well as materials prepared or provided by Oi to the Creditor Parties. The Disclosure Materials should not be construed as the work product or analysis or reflective of views or opinions of the Creditor Parties or their advisors.

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CONTACT: Katie Moss

[email protected]

KEYWORD: NEW YORK LATIN AMERICA NORTH AMERICA UNITED STATES BRAZIL SOUTH AMERICA

INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES LEGAL TECHNOLOGY TELECOMMUNICATIONS

SOURCE: Davis Polk & Wardwell LLP

Copyright Business Wire 2025.

PUB: 10/06/2025 08:59 PM/DISC: 10/06/2025 08:58 PM

http://www.businesswire.com/news/home/20251006531944/en