October 17, 2016 / 6:47 PM / 2 years ago

Brazil's telecoms watchdog says not government's goal to intervene in Oi

SAO PAULO, Oct 17 (Reuters) - The head of Brazil’s telecom watchdog Anatel said on Monday it was not the government’s goal to intervene in Oi SA but it must ‘be prepared’ to do so should the country’s largest fixed-line carrier fail to resolve debt problems during its bankruptcy proceedings.

Juarez Quadros told Reuters on the sidelines of a telecoms event in Sao Paulo that Anatel would let Oi’s bankruptcy proceedings, which started on June 20, run their course before deciding on any possible action.

“The government wants a market solution,” he said, adding the company has 6 months under Brazilian bankruptcy law to complete its reorganization. (Reporting by Ana Mano; Editing by Daniel Flynn)

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