Brazil Government Forgives US$1.3 Billion in Fines Owed by Telecom Oi

Oi, which has been working to emerge from bankruptcy protection for years, had accumulated gargantuan fines tied to quality of services and other regulatory demands, making telecoms regulator Anatel one of the company’s biggest creditors.

RIO DE JANEIRO, BRAZIL - Brazil’s government will pardon about half of the roughly R$14 billion (US$2.6 billion) in fines owed to its regulatory agency ANATEL by Brazilian telecom firm Oi SA, the country’s federal solicitor general (AGU) said on Friday, November 28th.

Oi, which has been working to emerge from bankruptcy protection for years, had accumulated gargantuan fines tied to quality of services and other regulatory demands, making telecoms regulator Anatel one of the company’s biggest creditors.

The settlement, with the remainder of Oi’s government debt payable in installments, puts an end to . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?