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China Telecom mulls participating in Brazil's Oi capital plan
September 22, 2017 / 2:44 PM / 3 months ago

China Telecom mulls participating in Brazil's Oi capital plan

RIO DE JANEIRO, Sept 22 (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.

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.

$1 = 3.1237 reais Reporting by Rodrigo Viga Gaier; Writing by Guillermo Parra-Bernal

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