Telecom Italia’s new acting CEO said an updated business plan for the troubled operator group will be presented at a board meeting on 7 November, reports Reuters.

Marco Patuano, who replaced Franco Bernabe last week, said a decision on the future of Telecom Italia’s Brazilian unit TIM Partecipacoes and Telecom Argentina will be outlined, along with a possible restructuring of the business in Italy.

In addition, Patuano said the plan to spin off the company’s fixed network in Italy depends on decisions by communications regulator Agcom and the government. Unions oppose the plan to separate the networks due to concerns the move could lead to job losses.

The company will only restructure its business in Italy if it creates value for the company, Patuano noted.

Telecom Italia said it will respect terms of a union agreement signed in March and will continue to invest in the business “to ensure the company keeps pace with technological developments and to meet market demands”.

Patuano became CEO following the resignation late last week of Franco Bernabe, whose attempts to rejuvenate the operator with a fundraising round reportedly received insufficient support from key shareholders.

Telecom Italia has accrued €29 billion in debt as it struggles in Italy’s tough economic environment.

Telefonica recently struck a deal with shareholders that will allow the Spanish group to build its influence over Telecom Italia.