Brazil court agrees to protect phone company Oi from creditors

June 30, 2016 12:16 AM

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RIO DE JANEIRO, June 29 A Brazilian court on Wednesday accepted Oi SA's bankruptcy protection petition, allowing the country's largest phone company to move ahead with plans to reorganize operations and restructure 65.4 billion reais ($20.2 billion) of debt.

The decision was made by judge Fernando Viana of the 7th Commercial Branch of Rio de Janeiro's Justice Tribunal who will supervise the reorganization on behalf of Oi and creditors, the court said in a statement.

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