Plano de reestruturação evita falência da Oi

Por C Service

As ações levam a operadora de telefonia a reduzir dívidas e aumentar investimentos

Rio de Janeiro – Na véspera de se tornar CEO da Oi, Eurico Teles estava literalmente no escuro. Internado e se recuperando de uma cirurgia para corrigir um problema nas pálpebras, o então vice-presidente jurídico da Oi tinha uma venda nos olhos quando recebeu a visita de três outros executivos em seu quarto. Um deles, o então CEO Marco Schroeder, não fez rodeios antes de dar a notícia: “Colega, acabei de renunciar.”

No dia seguinte, a diretoria da Oi escolheu Eurico como seu novo líder, colocando um veterano de 38 anos do sistema Telebrás e sem experiência operacional para desatar um nó épico: evitar a falênciade uma empresa com R$ 64 bilhões de dívida, em recuperação judicial há um ano e meio, e cujo colapso afetaria mais de 50 milhões de usuários.

Nos 14 meses seguintes, Eurico conseguiu o improvável: prevaleceu numa briga contra Nelson Tanure, desenhou um plano de recuperação aprovado por quase unanimidade, e acaba de conseguir R$ 4 bilhões para o caixa da companhia no maior aumento de capital em curso no país.

Desde seu malfadado casamento com a Brasil Telecom, a Oi era um negócio destinado a quebrar. O principal negócio da empresa (a linha fixa) era corroído pela migração para o celular e pelo WhatsApp. Dívidas contraídas em dólar causavam um desequilíbrio estrutural e explodiam a cada crise cambial, minando o balanço da empresa.

Além disso, na maior parte do tempo a companhia era controlada por um conselho em cuja presidência se revezavam a Andrade Gutierrez, o grupo Jereissati e a GP Investimentos. Nenhum tinha uma visão estratégica ou operacional de telecom.

Quando Eurico foi ungido como CEO, a Oi estava sendo disputada, de um lado, pelos credores estrangeiros, donos de R$ 32 bilhões em créditos. De outro, pelos acionistas, que, liderados pelo empresário Nelson Tanure, aceitavam uma diluição máxima de 25%.

Uma das sortes de Eurico foi ter conquistado a confiança do juiz Fernando Viana, da 7ª Vara Empresarial do Rio de Janeiro, que presidia a recuperação judicial. Os dois se encontravam regularmente, ocasiões nas quais Eurico prestava contas do progresso e das derrotas sofridas pela Oi.

Preocupado com o risco crescente de a Oi quebrar, Viana instalou Eurico como interventor da empresa, dando-lhe plenos poderes para desenhar o plano de recuperação sem passar pelo conselho. Numa empresa em guerra civil entre credores e acionistas, isso faria toda a diferença.

Um banco de primeira linha fez um laudo e concluiu que mesmo um plano que impusesse uma diluição de 75% ainda geraria valor para os acionistas da Oi. O percentual foi adotado por Eurico. “No dia de assembleia de credores, eu percebi que aquela era a última oportunidade de a companhia não morrer, e a responsabilidade estava toda na minha mão”, conta.

Costurar a aprovação do plano de recuperação exigiu traquejo. Estimulado pelo juiz, Eurico estruturou um programa de acordo com pequenos credores que acabou se tornando a maior mediação extrajudicial já realizada no país. Foram celebrados quase 35 mil acordos, o que possibilitou que mais de 70% dos credores da Oi – milhares de pessoas físicas e jurídicas com créditos de até R$ 50 mil – recebessem antecipadamente.

A assembleia de credores começou às 8h de um dia escaldante de dezembro e terminou às 4h do dia seguinte, com o sol prestes a nascer sobre o Riocentro, o único foro capaz de acomodar a assembleia de uma companhia tão superlativa.

Negociação

E foi aí que Eurico jogou pesado. Em várias ocasiões ao longo do dia, deu prazo de 5 minutos para credores recalcitrantes decidirem: era pegar ou largar. Vários deles, incluindo grandes bancos, queriam adiar a assembleia mais uma vez, alegando que ainda havia muitos pontos a serem negociados. “Não vou adiar. Ou essa companhia vai falir hoje, ou vai se recuperar,” respondia o CEO.

Quando percebeu que a Anatel e a Advocacia-Geral da União votariam contra o plano, Eurico mandou os advogados transferirem os créditos de ambas para o que chamou de “dívida residual”. Tradução: a Oi vai pagar-lhes o que deve ao longo de 20 anos.

Depois de mais de 15 horas de discussões, o plano foi aprovado. A aprovação do plano cortou a dívida financeira bruta da Oi de R$ 49 bilhões para R$ 14 bilhões. Só com os maiores credores, a dívida caiu de R$ 32,8 bilhões para R$ 5,8 bilhões.

No dia em que os credores aprovaram o plano de recuperação, Eurico não conseguiu dormir. Saiu do Riocentro e voltou à sede da empresa, no Leblon. Pegou um megafone e desceu os oito andares do prédio dando a boa notícia aos funcionários – e chamando todos para a guerra.

Ao longo do processo de recuperação judicial, a Oi manteve o foco no negócio. Até o terceiro trimestre de 2018, seu custo operacional caiu quase R$ 1 bilhão, e a companhia encerrou o ano investindo cerca de R$ 6 bilhões (5,5% a mais que no ano anterior), com foco em melhoria da qualidade e transformação digital. Como resultado, as reclamações na Anatel e os processos nos juizados especiais Cíveis caíram cerca de 20%.

Apesar de ser o CEO, Eurico recebe o salário de vice-presidente até hoje. “Como é que eu ia ter moral para pedir a alguém para apagar a luz, para não imprimir, se eu não abrisse mão do salário?” diz o executivo, que usa carro próprio para chegar ao trabalho.

“Como é que eu ia ter moral

para pedir a alguém para apagar

a luz, para não imprimir, se eu não abrisse mão do salário?”

. Eurico Teles, presidente da Oi

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