October 23, 2017 / 12:13 PM / a year ago

Brazil telecoms regulator rejects Oi's proposed fine-for-investment swap

SAO PAULO, Oct 23 (Reuters) - Brazilian telecoms regulator Anatel has rejected a request by debt-laden carrier Oi SA to swap billions of reais in regulatory fines for new investments, the regulator said in a statement on Monday, a fresh setback for the company's ongoing judicial reorganization.

In the statement, Anatel said the "unsatisfactory" progress of Oi's reorganization, now in its sixteenth month, raised doubts about the company's ability to honor investment commitments resulting from a fine-for-investment swap. (Reporting by Leonardo Goy; Writing by Gram Slattery)

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