Oi files for Brazil's largest $19bn bankruptcy protection
21 June 2016 |
Brazilian operator Oi has filed the country’s largest bankruptcy protection request in the country following a collapse of debt restructuring talks with creditors.
Oi and its six subsidiaries are $19.26 billion (65.4 billion reais) in debt, according to a filing.
“The request for recuperation was taken because of the obstacles confronted by the company management in trying to find a viable alternative with creditors,” the company said in a statement to shareholders.
Oi had sought to restructure about 50 billion reais in debt
“Oi will do its utmost to maintain its normal commercial, operational and administrative activities,” said the company. “Oi will maintain its focus on investment in structurally important projects.”