Jun
21
Oi Bankruptcy Causes Shockwaves in Brazil’s Financial System
By
An Oi shop in Rio de Janeiro, Brazil, on Oct. 2, 2013.
Photographer: Dado Galdieri/Bloomberg
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Ibovespa drops, led by Itau, Banco do Brasil, after filing
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Regulator Anatel says company needs consent to sell assets
The bankruptcy filing of Oi SA, the largest in Brazil’s history, is reverberating through the nation’s strained financial industry as investors tally the potential hit to creditors.
Even as Egyptian billionaire Naguib Sawiris said he’s prepared to invest in the wireless carrier, Monday’s bankruptcy filing is likely to leave Banco do Brasil SA, Itau Unibanco Holding SA and others with steep losses on their holdings of Oi debt and trigger payments on $14 billion of derivatives contracts that are designed to pay out in an event of a default. Shares of Banco do Brasil slumped 4.5 percent…
Oi Bankruptcy Causes Shockwaves in Brazil’s Financial System
