Oi filed for Brazil’s largest ever bankruptcy protection on Monday after the country’s No. 1 fixed-line phone carrier ran out of time to reorganize operations and restructure 65.4 billion reais ($19.3 billion) of debt amid a harsh recession.
The petition for bankruptcy protection from Oi, Brazil’s fourth-biggest mobile provider, and six subsidiaries came after talks with creditors ground to a halt earlier this month ahead of a July debt payment.
