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Brazil has no plans to intervene in carrier Oi, minister says
November 7, 2016 / 1:21 PM / a year ago

Brazil has no plans to intervene in carrier Oi, minister says

SAO PAULO (Reuters) - The Brazilian government is not considering an intervention in Oi SA at this point, Communications Minister Gilberto Kassab said on Monday, noting that officials are working on providing the debt-laden carrier the necessary support to emerge stronger from bankruptcy protection.

Kassab told reporters in Brasilia that the government wants a “market-based solution” for Oi’s problems. Earlier in the day, daily newspapers Valor Econômico and Folha de S. Paulo said the government is considering the possibility of enacting changes to local bankruptcy protection rules to facilitate an intervention of Oi, whose process faces serious shareholder and creditor disputes.

Reporting by Guillermo Parra-Bernal

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