October 14, 2016 / 2:13 AM / 2 years ago

Brazil's telecom watchdog raises fine value in Oi's bankruptcy

SAO PAULO, Oct 13 (Reuters) - Brazilian telecommunications watchdog Anatel said on Thursday the value of fines that Oi SA owes is much higher than the initial figures presented to the court in the bankruptcy protection.

In a statement, the regulator said Oi, Brazil’s No. 4 wireless carrier, owes 20 billion reais ($6.2 billion) in fines, twice the value the company has reported to the court.

In June, the Rio de Janeiro-based carrier filed for Brazil’s largest bankruptcy in history to restructure 65.4 billion reais of loans. Anatel has already requested the fines to be excluded from the total debt under restructuring.

The regulator wants the fines to receive the same treatment as taxes, which are exempt from discounts.

$1 = 3.2210 reais Reporting by Tatiana Bautzer; Editing by Lisa Shumaker

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