December 13, 2016 / 11:51 AM / 9 months ago

Brazil's Oi asks court permission to sell Timor Telecom stake

SAO PAULO, Dec 13 (Reuters) - Brazilian phone carrier Oi SA has asked the court overseeing its bankruptcy protection proceedings for permission to sell a stake in Timor Telecom SA, which serves the Asian nation of East Timor.

In a Tuesday securities filing, Oi said it is in talks to sell the stake to Investel Communications Ltd. Investel has offered to pay around $36 million for Oi’s direct and indirect stakes in Timor Telecom and assume $26 million in Timor Telecom debt to Oi-related entities, the filing said. (Reporting by Bruno Federowski Editing by W Simon)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below