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Brazil’s Oi to File Bankruptcy Plan
World Economy

Brazil’s Oi to File Bankruptcy Plan

Brazilian telecom provider Oi SA is set to file its bankruptcy reorganization plan with a Rio de Janeiro court on Monday, two sources familiar with the situation told Reuters. The plan for the debt-laden company would be filed following a board meeting, also to take place on Monday, to consider the proposal, two sources said. A third source said the board meeting to consider the reorganization plan could happen as soon as this weekend. Oi, Brazil’s largest fixed-line phone carrier and No. 4 mobile operator, along with six subsidiaries, filed on June 20 for the country’s biggest-ever bankruptcy protection, involving 65.4 billion reais ($19.3 billion) of bonds, bank debt and operating liabilities.

 

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