Brazilian telecommunications company Oi SA is concentrating its efforts to stave off bankruptcy more on negotiations between its creditors and shareholders than on finding new partners, Reuters reports.

The news agency quotes Oi chief Executive Marco Schroeder as saying: “It’s extremely important to hold the creditors meeting on December 7, even if it’s not conclusive.”

Mr Schroeder said it would benefit his company if a third party were to put in more capital, but that the recovery plan put to the creditors and shareholders should have priority.

China Telecom Corp. Ltd and US private equity firm TPG Capital Management LP have proposed to put 10 billion reais into Oi.

Oi owes 65 billion reais (US$19.82 billion) and has asked the courts to save it from bankruptcy, Reuters says.