Brazil's telco operator Oi files for bankruptcy protection
Brazilian telecom operator Oi has hit a dead end in its negotiations with creditors and has filed for bankruptcy protection.
In what is being reported as the largest judicial reorganization in Brazil's history, the telco filed for protection after failing to negotiate a restructuring of its 65.4bn reais (US$19bn) in debt.
The measure temporary shields the company from creditors' lawsuits as it restructures the debt in Rio de Janeiro state court, Oi said in a securities filing. The company also said that the protection enables it to continue providing services to customers.
Oi, together with financial advisor Moelis&Company, was in debt restructuring negotiation with bondholders, but talks did not advance. The operator has a 231mn euro-denominated bond due in nearly a month.
Earlier on Monday, the carrier and development bank BNDES signed a deal that suspends the operator's debt payments for 180 days.
Oi said it is confident in obtaining approval for a judicial reorganization plan.
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