Brazilian Solicitor-General Grace Mendonça and representatives of China Telecom Corp. Ltd and US private equity firm TPG Capital Management LP have met to discuss the possibility of China Telecom and TPG Capital taking over Brazilian telecommunications company Oi SA, which is trying to stave off bankruptcy, Reuters reports.
The news agency says China Telecom and TPG Capital propose to put 10 billion reais (US$3.06 billion) into Oi, and to lay fibre optic cables to serve homes in over 2,000 Brazilian municipalities.
The shareholders and creditors of Oi are scheduled to meet on November 10 to vote on a plan to restructure the company.
