Rogerio Jelmayer – The Wall Street Journal, 06/20/2016
Brazil’s troubled telephone company Oi SA on Monday filed the largest bankruptcy protection request in the country’s history just days after debt restructuring talks with creditors collapsed.
The filing of Oi and six subsidiaries lists 65.4 billion reais ($19.26 billion) in debt.
In its filing, the company said it chose judicial reorganization to preserve the value of its holdings and to continue providing service to its customers.
A person familiar with the bankruptcy filing said it would be the largest in Brazil’s history if it is accepted by the court.