SAO PAULO (Reuters) - Oi SA, Brazil’s largest fixed-line telecommunications firm, has initiated high-speed broadband service in 21 cities throughout the nation, it said late Wednesday, as it deploys fresh capital following a debt-for-equity conversion.
Oi, which approved a plan to emerge from bankruptcy protection in December, has received new capital from former creditors and is set for another capital injection in the coming months.
While much of its technology lags peers, it has a broad fixed-line network, which it is upgrading and expanding in a bid to gain market share, particularly in upscale segments.
The expansion, which includes high-speed fiber-to-the-home construction, was rolled out in states ranging from Amazonas in the northern part of the country to Rio Grande do Sul in the far south, the firm said.
Reporting by Gram Slattery; Editing by Jeffrey Benkoe