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Brazil's Anatel to meet Monday on Oi fine-for-investment swap -source
October 19, 2017 / 10:18 PM / 2 months ago

Brazil's Anatel to meet Monday on Oi fine-for-investment swap -source

BRASILIA, Oct 19 (Reuters) - The board of Brazilian telecoms regulator Anatel will meet on Monday morning to analyze a request by indebted carrier Oi SA to swap billions of reais in regulatory fines for new investments, a source with knowledge of the situation said Thursday.

The board will decide on the fate of almost 5 billion reais ($1.58 billion) in fines the company has accumulated, said the source, who requested anonymity as the matter is private.

The board of Anatel was originally due to meet on the proposed fine-for-investment swap earlier in the month, but delayed the decision at the request of Anatel councilor Igor de Freitas.

The meeting is scheduled on the same day as an Oi creditors’ assembly in Rio de Janeiro, in which creditors will have the opportunity to vote on a restructuring plan put forth by the troubled company that aims to take the carrier out of bankruptcy protection.

In September, a Brazilian court authorized a proposal by Oi competitor Telefonica Brasil to swap 2 billion reais in regulatory fines for new investments. ($1 = 3.17 reais) (Reporting by Leonardo Goy; Writing by Gram Slattery; Editing by David Gregorio)

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