Oi's debt with Brazil telecom regulator higher than disclosed

By
Friday, October 14, 2016

The debts that troubled Brazilian telco Oi has with telecom regulator Anatel surpass 20bn reais (US$6.28bn) and are double the amount it had presented to creditors and bondholders in its corporate restructuring plan.

According to Anatel, 14.5bn reais of the total represent fines and additional 5.6bn reais are related to tax credits and "other credits."

Start your 15 day free trial now!

cta-arrow

Already a subscriber? Please, login

Oi filed for bankruptcy protection on June 20 in what is considered Brazil's largest-ever bankruptcy. The process involves some 65.4bn reais (US$20.5bn) in bonds, other financial debt and related liabilities.

The detailing and disclosure of Oi's debts with the regulator is due to a request made by the legal administrators of Oi's bankruptcy, Anatel said.

Anatel also said it has requested to be excluded from the list of creditors presented by Oi, arguing its credits "are not subject to the same criteria of negotiation of Oi's remaining debts and therefore should not be included in the reorganization plan."

Federal credits are subject to rulings that can only come from the country's federal court, according to Anatel.