Nov 29 Brazil’s Oi SA said on Tuesday a court process protecting two of its subsidiaries in the Netherlands from creditors could be converted into a bankruptcy process in that country, potentially complicating Oi’s own court supervised reorganisation in Brazil.

The process in the Netherlands relates to Oi’s two investment vehicles based in that country – Oi Brasil Holdings Coöperatief UA and Portugal Telecom International Finance B.V.

“Oi hopes this does not impact significantly its in-court reorganization efforts in Brazil,” Oi said in a securities filing, referring to the possibility of a bankruptcy process in the Netherlands.