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Brazilian gov' not to bail out telecom giant: official

Xinhua, June 22, 2016 Adjust font size:

The Brazilian government will not offer any financial aid to the country's largest telecom company Oi, which filed the largest bankruptcy protection request in Brazilian history, Chief of Staff Eliseu Padilha said Tuesday.

The government so far has not expressed any willingness to directly intervene in the case, Padilha said, adding that the solution for the Oi case must come from the financial market itself.

In addition, he said, Oi's government creditors, the Brazilian Development Bank and Banco do Brasil, one of the major public banks, may participate in negotiations in case the company is sold.

Oi is the largest telecom company in Brazil, offering landline, cellphone, broadband Internet and pay-TV services. The company filed for bankruptcy protection on Monday, stating that its debt amounts to 19.2 billion U.S. dollars. Endi