Brazilian Oi files for bankruptcy protection
TowerXchange is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Brazilian Oi files for bankruptcy protection

americas-news.png

On Monday 20 June, Oi, Brazil’s fourth mobile operator, presented the largest bankruptcy-protection filing in the history of Brazil at R$65bn (US$19bn). Oi was in talks to restructure its debt but the negotiations failed due to the imminent maturation of a euro-denominated bond valued at €231mn.

Of this R$65bn, as much as R$13bn is owed to three Brazilian banks (BNDES, Caixa Economic Federal and Banco do Brasil) and as noted by the Financial Times, these credits alone are “more than the total R$11bn debt of OGX, the oil company that collapsed in 2013 in the country’s last high-profile bankruptcy.”

In


UNLOCK THIS ARTICLE

The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Subscribe Login
Gift this article