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China Telecom mulls participating in Brazil's Oi capital plan
September 22, 2017 / 2:48 PM / 2 months ago

China Telecom mulls participating in Brazil's Oi capital plan

RIO DE JANEIRO (Reuters) - China Telecom Ltd could participate in a plan to inject fresh capital into Oi SA, the Brazilian phone carrier under bankruptcy protection, a senior executive at the Brazilian firm said on Friday.

People walk in front of the headquarters of the Brazil's largest fixed-line telecoms group Oi, in Rio de Janeiro, Brazil, June 22, 2016. REUTERS/Sergio Moraes

Ricardo Malavazi Martins, Oi’s chief financial officer, said at the sidelines of an event in Rio de Janeiro that both companies signed a confidentiality agreement about the plan. Oi’s management has proposed to inject up to 8 billion reais ($2.6 billion) worth of new capital into the company, so help it emerge faster from bankruptcy protection.

Reporting by Rodrigo Viga Gaier; Writing by Guillermo Parra-Bernal

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