After CEO Splits, Bond Traders Brace for a Big Default in Brazil

  • Company has 231 million euros of bonds due next month
  • Gontijo is the second Oi CEO to resign in less than two years

Bond investors in Oi SA are preparing for the worst after Chief Executive Officer Bayard Gontijo unexpectedly quit in the middle of talks to restructure some of the phone operator’s more than $14 billion of debt.

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