Tuesday, October 11, 2016

Brazilian government prepares “plan B” that passes for intervention in the Hi – Porto Canal

Brasilia, 11 oct (Reuters) – The brazilian Government is preparing a “plan B” that foresees an intervention in Oi, if the process of judicial recovery in the telecommunications operator to fail, said the new president of the National Agency of Telecommunications (Anatel).

“the desire of The Government is a market solution. The intervention is an extreme condition. But we can not be absent. (…) This plan has to be ready in case of an eventual failure of the Oi,” said Juarez Quadros, in an interview to the brazilian newspaper the Globe today, on the day of their inauguration in the fcc.

the new president of The brazilian regulatory telecommunication said that the working group involves the ministries of Finance (Finance), Planning, the Civil House and the attorney General of the Union, under the coordination of Anatel.

“we have done a meeting and it was decided that the operation (the judicial recovery of Oi) does not have public resource as a way to solve the problem. Another issue is that it has to ensure the continuity of the service,” he said.

Refusing to say in what stage is the plan, because “it is an act very delicate and need care,” Juarez Paintings said only that the group’s first meeting was with the Bank of Brazil, the Caixa economica Federal and the brazilian Development Bank (BNDES), public institutions in the list of creditors of the Hi.

“This group is going to the judge [responsible for the process of recovery] with a unified discourse. A private creditor may give a discount of the debt. The public creditor, not. In addition, the information that are there have all been provided by the company. The fcc, for example, will there to point out the correct numbers of fines imposed,” said the same responsible, in interview to the newspaper Folha de São Paulo.

The newspaper Globo, Anatel’s president also said that the regulator “does not have the term” to give consent to the application of Oi for corporate change and the indication of new members to the board of directors.

In question is the minority shareholder of the Société Mondiale, with 6,32% of the company’s shares, and the suggested names for directors: Hélio Costa, former minister of Communications, and Demian Fiocca, ex-president of BNDES.

The former minister of Communications of the Executive of Fernando Henrique Cardoso said that the current regulatory model needs to be updated.

the change in The law will allow utilities to fixed telephone, such as the Hi, to no longer have a lease to have a permit, as is the case today with the operation of the mobile network.

“This change in the scheme of the grant will allow to increase investments in the sector,” he argued.

In an interview with the newspaper Economic Value, Juarez Quadros commented wed the crisis of the Hi could have been avoided, criticizing the creation of the company, in 2008, when it gave the merger of the then Telemar, with Brasil Telecom.

“There is an economic disaster that needs to be clarified (…). The operation [of the merger of the two carriers], did not have anything illegal, but has allowed two companies, who are highly indebted together,” he said.

The Hi – wholly owned 27% by the Portuguese Pharol (old PT SGPS) – is facing a process of judicial recovery, which includes a total of 65,4 billion reais (18,48 billion euros) of debt.




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