Brazilian telecommunications giant Oi on Monday filed for Chapter 11-style bankruptcy in the biggest such suit in Brazil’s history. The company is seeking protection from creditors on debts totaling R$65 billion. Oi is Brazil’s fourth largest phone company. The bankruptcy filing came after months of financial maneuvering, merger rumors and boardroom changes. A bankruptcy judge will now ask the company to file a recovery plan prepatory to renewed negotiations with creditors.
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