Telecom Oi Files for Largest Ever Judicial Recovery in Brazil

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – One of Brazil’s largest telephone carriers, Oi, filed a bankruptcy recovery request on Monday, June 20th, in Rio de Janeiro after restructuring talks with major shareholders failed. The company is said to register debts totaling R$65.4 billion. The recovery request is said to be the largest in Brazil’s history.

“Considering the challenges arising from the economic and financial situation of Oi companies, in light of the maturity schedule of its financial debts, threats to the company's cash represented by impending foreclosures or halts in legal . . .

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