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Financial News: BRAZIL: Government Will Not Waive Oi's Debt, Says

BRAZIL: Government Will Not Waive Oi's Debt, Says Minister

07/23/2017 - 18:32:00 (RTTNews)

(RTTNews) - The telecom carrier Oi will have to pay all the debt it owes to the Brazilian government, but public officials are willing to wait until the company's creditors meet in September before pressing for payment.

Oi, which has been through judicial recovery for more than a year, has a debt estimated at R$ 11 billion with Brazil's National Telecommunications Agency (Anatel) and says that its creditors must approve the debt repayment as a part of a plan to be presented in September. The Brazilian government disagrees and believes that it has seniority over the creditors.

"We will wait, but the government will not give up its resources," said Gilberto Kassab, the Brazilian minister of Science, Technology, Innovation, and Communications, to reporters after an industry event in S?o Paulo.

The Brazilian government has already drafted a decree to help Oi in its recovery. The law would allow the company to negotiate its debts more quickly, but also makes room for a state intervention in the private corporation.

"The government is obliged to be prepared for an intervention if necessary," Kassab said.

He added that Oi has kept its short-term investments promises and is also operating normally in spite of the judicial recovery, therefore emptying the need for government intervention at the moment.

This week, Oi announced changes to its recovery plan, including a capital increase of US$ 8 billion that must be approved by its creditors.

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