SAO PAULO, Dec 15 (Reuters) - Brazilian telecom Oi SA is seeking a waiver of covenants on some bonds regarding its ratio of gross debt to operating profit in order to better manage its cash flow, acting Chief Executive Bayard Gontijo told Reuters on Monday.
“I want the time to use our cash in the most effective way. If it is for debt payments, then let’s take time to pay the most expensive debts. If it is for a merger, then let’s use our cash efficiently,” he said in a telephone interview.
Oi plans to conclude the sale of its Portuguese assets in the first half of 2015 and sell its African assets in the second half of next year, Gontijo added. (Reporting by Brad Haynes and Alberto Alerigi Jr. Editing by W Simon)