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Brazil telecom service provider Oi files for bankruptcy protection

Xinhua, June 21, 2016 Adjust font size:

Brazilian telecom service provider Oi filed for bankruptcy protection Monday, the largest filing of this kind in the country's history.

The company informed shareholders that the entire group had filed for bankruptcy protection earlier in the same day in Rio's courts.

Oi is the largest telecom company operating in Brazil, offering landline, cell phone, cable TV and Internet services. It is the leading company in landline services, alongside Telefonica, and the fourth-largest company in cell phone services.

The company stated that its debt amounts to 65.4 billion reais (19.2 billion U.S. dollars), making this the biggest bankruptcy protection filing in Brazilian history.

Oi informed that all companies in the group are "conducting efforts to optimize their liquidity and indebtedness profile" and negotiated with creditors "seeking mutual agreement as to the consensual restructuring of the Oi companies' indebtedness and to strengthen their capital structure."

However, Oi decided that filing for bankruptcy protection would be "the most appropriate course of action" to continue offering services to its clients, maintain its value and corporate activities, and protect shareholders' interests. Endi