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US court declines to recognise Chapter 15 case lodged by Oi Dutch affiliate

By Benjamin Clarke

06 December 2017

US court declines to recognise Chapter 15 case lodged by Oi Dutch affiliate Rio de Janeiro, Brazil iStock.com/microgen

A New York bankruptcy court has declined to recognise Dutch insolvency proceedings launched by an affiliate of Brazilian telecoms company Oi, accusing Aurelius Capital Management, one of the group’s major creditors, of weaponising the Chapter 15 process to attack Oi’s Brazilian restructuring plan.