October 20, 2016 / 10:32 AM / 2 years ago

Oi CEO says will not sell any Brazil assets for years - paper

SAO PAULO, Oct 20 (Reuters) - Oi SA will not sell any of its Brazilian assets for two or three years, its chief executive officer said, as the telecommunications operator seeks to emerge from Brazil’s biggest ever bankruptcy protection.

Marco Schroeder said, however, that initial talks over possible sales of stakes in carriers in Africa and Asia were ongoing, newspaper Valor Econômico reported.

“We should focus on debt negotiations. I do not believe Oi will sell assets in Brazil,” Valor quoted him as saying at the sidelines of an industry event in São Paulo.

Press representatives from Oi confirmed Schroder’s remarks.

The byproduct of a government-sponsored merger at the end of last decade, Oi succumbed to a heavy debt burden, onerous government-mandated investments in money-losing activities and years of shareholder disputes. (Reporting by Bruno Federowski; Editing by Mark Potter)

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