22 Jun 2016
Following the announcement by Brazilian telecoms giant Oi that it has filed the largest bankruptcy request in the country’s history, industry watchdog the National Telecommunications Agency (Agencia Nacional de Telecomunicacoes, Anatel) has clarified its regulatory standpoint on the matter, confirming that its board of directors has voted to ‘suspend preventively any sale or encumbrance of movable and immovable assets of the concessionaires of assets included, as well as their parent companies, subsidiaries and affiliates without prior approval’. In what appears to be a pre-emptive move to prevent a carve-up of the debt-wracked telco, Anatel has also confirmed that it will give the judiciary free rein to work towards a solution, and will intervene if it feels the need to protect public interest or consumer rights.
As previously reported by TeleGeography’s CommsUpdate, this week’s bankruptcy filing, which covers Oi and six subsidiaries, lists BRL65.4 billion (USD19.2 billion) of debt. The telco said it chose judicial reorganisation in order to preserve the value of its holdings and to continue providing service to its customers.