Latin American giant America Movil hasn’t ruled out acquiring some or all of troubled Brazilian operator Oi’s operations, regardless of whether its assets are split up, CEO Daniel Hajj told Valor Economico.

Oi had said it may look to dispose of assets including its mobile unit as part of a plan to exit bankruptcy protection. It filed for bankruptcy protection earlier this year, as it struggled with its debt burden

“We are open to looking at anything,” Hajj said. “I am very interested in participating in the (market) consolidation in Brazil, but I don’t know how it will happen.”

An American Movil spokesperson confirmed that “when we know what is up for sale and what are the conditions, we will evaluate the case.” Oi declined to comment.

Credit Suisse analysts told clients “We believe Oi is too large for any of the existing players to acquire it entirely, due to market concentration,” Reuters reported, but said that no deals are likely until Oi completes its restructure.

Telecom Italia was involved in merger talks with Oi earlier this year while America Movil and Spain’s Telefonica never ruled out a deal with Oi, but due to their scale they would likely face tough antitrust hurdles for an outright takeover, the report added.

The government, Oi’s second-biggest creditor, would have to cooperate if any deal is to take place. It is currently keeping a close eye on licensing and antitrust issues that are key to consolidation.

Last week, Oi announced the resignation of its CFO, following the poor reception of the restructure plan, which would see bondholders facing a “haircut” of 70 per cent, receiving new debt with a face value of 30 per cent of the outstanding totals.

These could be converted into up to 85 per cent of Oi’s equity if they are not redeemed in three years.

Oi is the fourth largest operator in Brazil, with a 19 per cent market share by connections (47.6 million). It lags behind Telefonica’s Vivo, America Movil’s Claro, and TIM Brasil.