The Egyptian billionaire Naguib Sawiris said yesterday to be prepared to invest in the Brazilian telecom operator Hi, who last Monday filed for bankruptcy protection for trade debts of 19 billion dollars.
Information was given by Sawiris in an interview with Bloomberg.
the billionaire, who owns a majority stake in Orascom Telecom Media, Egypt, said that Hi has great potential if your debt is restructured and achieve strong capital increase.
“the Hi need a shareholder with a solid knowledge in telecommunications to solve their operational and financial problems,” Sawiris said.
the Egyptian businessman is not only foreign billionaire who expressed interest in Hi. in February, the Russian Mikhail Fridman made a proposal to help finance a merger between Hi and the Brazilian unit of Telecom Italia, Tim Participações SA.
About possible merger between Hi and Tim, Sawiris told Bloomberg that the operation would “much sense” but that first Hi need to walk with its own legs.
the Egyptian businessman said he would “welcome “an agreement with Fridman, a former business partner, but did not specify how would this investment.
Hi filed for bankruptcy protection on Monday after failing to reach an agreement with its creditors following a series of mergers and management changes.
According to the company, the total of loans to persons not controlled by Hi, listed in documents filed with the request for judicial recovery, totaled approximately 65,400 million reais (17 billion euros).
Today, the Hi announced that it has called for July 22 an extraordinary general meeting to ratify the request for judicial recovery.
Pharol, former PT SGPS, holds 27.5% of the operator Hi and got the debt Rioforte, ‘holding’ of the Holy Spirit group, which left a ‘hole’ of 847 million euros in PT Portugal, operator which was bought in 2015 by the French group Altice, who left out of the acquisition that debt.
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