The new management comes on the scene just days after a judge in Rio de Janeiro accepted the company's bankruptcy petition covering an estimated $1.92 billion in debt.

The two officers will lead the company through a 180-day period in which it must craft a reorganisation plan.

Taking the helm of the company will be Eucherio Lerner Rodrigues, who has previously worked as operations director for Brazil's stock exchange and head derivatives regulator at at Brazil's securities and exchange commission.

He