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Statement of Oi Creditors Regarding Fallback Bid
[April 19, 2024]

Statement of Oi Creditors Regarding Fallback Bid

In connection with Oi's restructuring plan and ClientCo marketing process, certain financial creditors and V.Tal have reached agreement on principal commercial terms of a "fallback" bid for ClientCo that would include, as consideration, a combination of V.Tal equity and credit-bidding of obligations, sufficient to put Oi's aggregate equity stake in V.Tal (subject to certain potential adjustments) at 27.5%.

Creditors support a robust sae process for ClientCo, including Oi's efforts to achieve a successful cash sale of the business in accordance with the restructuring plan. This bid would be submitted only in a subsequent round of bidding in the event that an approved cash sale does not occur in the initial round. Oi is not a party to any agreement with respect to this bid at this time.

This statement is made on behalf of the Ad Hoc Group of Oi Noteholders.

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