Business
Shares in Brazil's Oi tumble after court declares firm bankrupt
Shares in Brazil's Oi tumble after court declares firm bankrupt
About this update from Oi S.a.
Shares in Brazilian telecommunications operator Oi BMFBOVESPA:OIBR3 tumbled more than 35% in Sao Paulo on Monday afternoon after a court declared the company bankrupt. In a securities filing, Oi said that a Rio de Janeiro court decided to turn the firm's ongoing bankruptcy protection proceedings into a bankruptcy process, while also allowing the company to keep operating temporarily.Oi filed for bankruptcy protection in 2016, at the time the largest in Brazil's history.The company exited such proceedings in late 2022 only to re-enter bankruptcy protection in March 2023, amid ongoing debt woes.