Brazilian telecoms giant , reliance , has filed for the country 's largest ever bankruptcy protection after failing to complete its operations and reach an agreement with creditors over $ 65.4bn ( $ billion ) worth of debt . The filing will likely have major repercussions in Brazil , with state - owned banks among the company ’s top investors . Oi has around 50 different bondholders ranging from Brazil and the uk 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.