Brazilian Telecom Operator Oi Seeks Chapter 15 Bankruptcy (1)

Brazilian telecom company Oi SA filed for Chapter 15 bankruptcy on Wednesday, a move that protects a firm’s US assets while insolvency proceedings play out elsewhere.

A judge in Rio de Janeiro recently granted a request from the company to suspend its debt obligations. Oi skipped a coupon payment on its dollar bonds due in 2025 this week, Bloomberg reported.

The publicly traded company, known for its telephone booths lining the streets of Brazil, only recently exited one of the nation’s largest-ever bankruptcy protection processes. Its 10% bonds due 2025 most recently changed hands for less than 10 cents ...