Brazilian telecoms giant, Oi, has filed for the country's largest ever bankruptcy protection after failing to reorganise its operations and reach an agreement with creditors over BRL 65.4bn ($19.3bn) worth of debt. The filing will likely have major repercussions in Brazil, with state-owned banks among the company’s top creditors. Oi has around almost 200 different bondholders spanning from Brazil and the US to Switzerland and Chile.
Brazilian telecoms giant, Oi, has filed for the country's largest ever bankruptcy protection after failing to reorganise its operations and reach an agreement with creditors over BRL 65.4bn ($19.3bn) worth of debt. The filing will likely have major repercussions in Brazil, with state-owned banks among the company’s top creditors. Oi has around 200 different bondholders spanning from Brazil and the US to Switzerland and Chile.