Oi files for bankruptcy

Oi files for bankruptcy

Brazil Bonds Corporate & Sovereign Strategy

Brazil's Oi and six subsidiaries have filed for bankruptcy protection after they did not reach an agreement to restructure BRL50.7bn ($14.8bn) in debt.Oi said it decided to seek protection to keep serving its customers and guard its cash and cash equivalents, among other reasons.Bondholders had sought a 95% equity stake in the company as part of a proposed debt-to-equity swap, leaving existing shareholders with 5%. The Brazilian telecommunications company has BRL10.1bn in amortization

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