Brazil's Oi sees lower cash burn rate this quarter

jueves 11 de agosto de 2016 09:55 GYT
 

SAO PAULO Aug 11 (Reuters) - Oi SA is expected to burn less cash this quarter after a June petition to win court protection from creditors is sparing the company from paying debts temporarily, Chief Executive Officer Marco Schroeder said on Thursday.

In a conference call to discuss quarterly results, Schroeder said Oi's cash position fell to 5 billion reais last quarter chiefly due to financial expenses. Cash burn ratios remained high during the second quarter as the company had to pay a last installment on rights to operate 3G wireless licenses.

($1 = 3.1332 Brazilian reais) (Reporting by Ana Mano Editing by W Simon)