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Oi shareholders consider selling mobile unit

Oi shareholders consider selling mobile unit

Major stakeholders in Brazil’s Oi are considering selling the operator’s mobile business and shifting its strategy towards fibre.

Brazil’s O Globo paper reported that pivoting the business towards fibre was one of several options on the table, with investors also open to merging Oi with another operator. This is a significant turnaround from reports that surfaced in August 2018 indicating that Oi’s shareholders aimed to “improve its operations” rather than selling off units or assets.

No further details around divestment strategies have been revealed, although business outlet Economia has reported that Oi’s board may replace its president, Eurico Teles. The publication suggested that a number of board members – including Paulino do Rego Barros Junior, Rodrigo Abreu and Roger Sole – could take his place.

Having racked up huge amounts of debt, Oi filed for bankruptcy protection in June 2016. In order to repay these debts, several of Oi’s creditors accepted equity in the operator, giving them significantly more sway over the direction of its operations.

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