Oi needs bankruptcy protection, not regulatory changes, says secretary

miércoles 29 de junio de 2016 13:53 GYT
 

SAO PAULO, June 29 (Reuters) - The recovery of Brazilian phone carrier Oi SA depends on bankruptcy protection, not a regulatory overhaul of its industry, Telecommunications Secretary Andre Borges said at an event for the sector on Wednesday.

Oi last week asked a judge for protection from its creditors on 65.4 billion reais ($20.06 billion) of bonds, bank debt and operating liabilities. It has been pushing to renegotiate the onerous terms of its fixed-line concessions.

($1 = 3.26 Brazilian reais) (Reporting by Alberto Alerigi Jr.; Writing by Brad Haynes; Editing by Daniel Flynn)