Oi requests delay in 3G licence payment due to credit crisis (Brazil)
Oi, Brazil’s leading mobile operator has requested to delay the payment of $304 million for the 3G licence due to the fiancial crunches in the credit markets. According to the spokesperson, the payment is due in December but it wants a delay in order to maintain a strong cash position amid the current sparsity of credit.
“We want to avoid cutting investments in 2009 because of the lack of credit,” said company’s chief executive Luiz Eduardo Falco.
The proposal, sent to govenrment by Acel, the payment would be postponed for 18 months.
