Investment companies holding sizeable stakes in troubled Brazilian operator Oi are considering selling-off its mobile business and refocusing the business on its fibre operations, daily newspaper O Globo reported.

The publication noted other options were also being considered, including merging the mobile operation with another service provider.

In August 2018 reports emerged in Brazil suggesting Oi’s largest private shareholders planned to “improve its operations” rather than sell-off parts of its business. However, today’s report suggests this may not be the case.

While details are vague on any divestment plan, separate reports by Economia suggested the operator’s board planned to replace president Eurico Teles. Names floated by the media outlet include existing board members Rodrigo Abreu, Roger Sole and Paulino do Rego Barros Junior.

Oi filed for bankruptcy protection in June 2016 after accruing massive debts. Almost two years later a deal was struck with creditors to accept equity in the company to pay off monies owed, changing the balance of power at the helm of the operator.