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Oi files for protection from creditors

2016-06-21 09:19:00| Telecompaper Headlines

(Telecompaper) Brazilian operator Oi has filed a request for judicial reorganization at the Court of the State of Rio de Janeiro, in an attempt to protect its assets from creditors while it renegotiates its debts. Oi started negotiations with creditors last month, but has already faced lawsuits attempting to seize some of its assets in lieu of payment for debt. Oi said the court filing for judicial protection was "the most appropriate course of action at this time", given the challenges in meeting its debts, threats to assets and "urgent need to adopt measures that protect the Oi companies". As a result it can continue to provide services to customers and protect its image and cash, while continuing with the debt restructuring.

Tags: files protection creditors