December 20, 2017 / 2:48 PM / a year ago

Brazil regulator questions Oi restructuring plan, will not block it

BRASILIA, Dec 20 (Reuters) - Brazilian telecoms regulator Anatel will challenge the debt restructuring plan approved by creditors of carrier Oi SA in court but will not use its regulatory power to block new ownership, the head of the agency said on Wednesday.

Anatel President Juarez Quadros said Anatel’s board questioned the legality of parceling 14 billion reais ($4.2 billion) of fines owed to the regulator over two decades. The plan, approved early on Wednesday morning after a marathon creditor meeting, could hand as much as 75 percent of the company to bondholders in a debt-for-equity swap.

$1 = 3.30 reais Reporting by Leonardo Goy; Editing by Susan Thomas

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