December 13, 2016 / 11:48 AM / 8 months ago

Brazil's Oi asks court permission to sell Timor Telecom stake

SAO PAULO, Dec 13 (Reuters) - Brazilian phone carrier Oi SA has asked the court overseeing its bankruptcy protection proceedings for permission to sell a stake in Timor Telecom SA, which serves the Asian nation of East Timor.

In a Tuesday securities filing, Oi said it is in talks to sell the stake to Investel Communications Ltd. Investel has offered to pay around $36 million for Oi's direct and indirect stakes in Timor Telecom and assume $26 million in Timor Telecom debt to Oi-related entities, the filing said. (Reporting by Bruno Federowski Editing by W Simon)

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