China Telecom shelves plans for Oi bid - report

Thursday 7 December 2017 | 17:50 CET | News
The disagreements between Oi's shareholders and creditors over the company's restructuring plan are alienating potential investors. Brazilian daily O Estado de Sao Paulo has learned that China Telecom has given up, for now, on making an offer for the operator, preferring to wait for those involved to reach a consensus on how to restructure the company and its debts. 

Sources close to the government no longer count on a possible injection of new money before an agreement among Oi's stakeholders. There is much doubt over whether an agreement will be possible by 19 December, the new date of the creditors meeting, already postponed twice. China Telecom had contracted Goldman Sachs and McKinsey to formulate an offer for Oi. The company was allegedly prepared to invest BRL 10 billion in the Brazilian operator.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

::: add a comment