World Economy

Brazil Watchdog to Reject Oi Plan

Brazil Watchdog to Reject Oi PlanBrazil Watchdog to Reject Oi Plan

Brazil’s telecoms regulator Anatel on Monday is set to reject a request by indebted telecoms company Oi SA to swap almost five billion reais ($1.57 billion) in regulatory fines for new investments, newspaper O Estado de S. Paulo said on Monday, Reuters reported. Anatel councilor Otavio Luiz Rodrigues has recommended that proposal be rejected and he will probably be followed by the other Anatel board members, Estado said, without citing sources. A rejection could complicate the phone carrier’s plans to have a debt restructuring plan approved by creditors at a November 6 assembly, in the largest-ever bankruptcy proceeding in Latin America.

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