Oi case prompts Brazil to rethink bankruptcy law

Brazil's Finance Ministry is working on changes to the debt restructuring law, following the recent agreement to resolve Oi's debt default, reports the Financial Times. According to Cássio Cavalli, a bankruptcy specialist at law school FGV Direito Rio, the intention is to move the Brazilian system closer to the North American one, reducing the cost of entry for global funds wishing to invest in Brazilian companies. 

Aside from a reform to give creditors the right to present their own plan to the bankruptcy court, other proposed changes might include allowing creditor meetings to be conducted electronically rather than in person and better enforcement of the rights of secured creditors.