There's no doubt the company is in trouble since they're currently going through out-of-court debt restructuring and KPMG flagged them in their audits as a "going of concern". If the stock keeps falling, there's also a risk of getting delisted from the NYSE as they would fall under a dollar.
On the other hand, this is a systemically relevant company for Brazil's economy with the state being heavily involved through the stake held by Petrobras.
Do you consider this a "blood in the streets" value investment opportunity or do the risk of massive equity dilution to repay the creditors outweigh the possible upside?