World Economy

Brazil’s Oi to File Bankruptcy Plan

Brazil’s Oi to File Bankruptcy PlanBrazil’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.