A Rio de Janeiro court ordered the removal of telecom Oi's BMFBOVESPA:OIBR3 management and board of directors, and named Bruno Rezende as the company's new Chief Executive, newspaper O Globo reported on Tuesday.
The court's decision brings forward some effects of a potential bankruptcy filing, given Oi's current indebtedness level, O Globo added, noting some financial obligations were suspended for 30 days.