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China Telecom may spend up to $6 billion to control Brazil's Oi - source

Reuters

RIO DE JANEIRO (Reuters) - China Telecom Corp may invest up to 20 billion reais (4.63 billion pounds) to acquire a majority stake in Brazilian carrier Oi SA (OIBR4.SA), a source with knowledge of the matter told Reuters on Friday.

A potential deal would only happen after the debt-laden company, which filed for Latin America's largest bankruptcy proceeding 17 months ago, resolves its disputes with creditors, the source added.

The person asked for anonymity because is not authorized to discuss the negotiations publicly.

The future of the company hinges on a creditors assembly on Nov. 10, which will decide on a restructuring plan for 65 billion reais ($20 billion) in debts.

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Oi did not immediately comment and China Telecom did not immediately respond to a request for comment outside normal business hours.

(Reporting by Rodrigo Viga Gaier in Rio de Janeiro; Additional reporting by Gram Slattery in Sao Paulo; Writing by Tatiana Bautzer; Editing by Tom Brown)