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20

Oi Files for Brazilian Record $19 Billion Bankruptcy Protection

By Tony Seruga

Major creditors include BNDES, Caixa Economica, Itau
Regulator Anatel meeting to discuss impact of Oi’s move

Oi SA filed for bankruptcy protection on 65 billion reais ($19 billion) in debt — a Brazilian record — after failing to reach an agreement with creditors, the last straw following a series of mergers and leadership changes that failed to help the phone company get on solid financial footing.

Brazil’s fourth-biggest wireless company sought protection from creditors so it could keep serving customers, the company said in a filing Monday. Talks with creditors had stalled last week after some board members disagreed with a plan by bondholders to swap debt for equity, giving them 95 percent of the company and leaving current shareholders with a 5 percent stake…

Oi Files for Brazilian Record $19 Billion Bankruptcy Protection

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