Brazil's Oi plans to deregister US securities

Oi SA said Nov. 16 that it intends to file for the deregistration of all classes of its securities in the U.S. with the Securities and Exchange Commission.

The Brazilian telecom operator expects the immediate suspension of reporting requirements for its U.S. securities, as well as the termination of such requirements 90 days after the filing.

Oi will retain the listing of its common and preferred shares on the São Paulo Stock Exchange under ticker symbols OIBR3 and OIBR4, respectively.

The company, which is in judicial reorganization, had its American depositary receipts representing common shares voluntarily delisted from the NYSE in late October. Oi's ADRs representing common and preferred shares will continue trading in the U.S. over-the-counter market under ticker symbols OIBZQ and OIBRQ, respectively.