June 21, 2016 / 11:02 AM / 2 years ago

Brazil telecom watchdog says not intervening in Oi debt restructuring

BRASILIA, June 21 (Reuters) - Brazil’s telecom watchdog Anatel on Tuesday said it will not intervene for the moment in the debt restructuring process at Oi SA but said all asset sales by phone carriers will need its approval.

Oi filed for Brazil’s largest ever bankruptcy protection on Monday after the country’s No. 1 fixed-line phone carrier ran out of time to reorganize operations and restructure 65.4 billion reais ($19.3 billion) of debt amid a harsh recession.

In a statement, Anatel said it will take specific measures to ensure Oi continues to operate during the debt restructuring process.

The watchdog added it believed Oi would balance its accounts, but it would take further action as needed for the sake of the systemic stability of Brazil’s telecommunications industry. (Reporting by Silvio Cascione Editing by W Simon)

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