0
General

Pharol prepared to reduce Oi stake

Wednesday 30 November 2016 | 16:17 CET | News
Pharol, Oi's largest shareholder with 27.49 percent of the voting rights, will accept the dilution of its stake with the entry of a new partner, a plan under consideration as part of Oi's judicial recovery process. The statement was made by Luís Palha, president of Pharol and member of the Board of Oi, reports O Globo. Palha said any dilution of Pharol's stake will depend on the value and conditions of the deal to be negotiated. He confirmed that he had been approached by funds Elliot and Cerberus. Furthermore, he does not rule out a capital injection in Oi by Pharol.

Thank you for visiting Telecompaper

Sign up below to get access to the rest of this article and all the telecom news you need.

  • Register free and gain access to even more articles from Telecompaper. Register here
  • Subscribe and get unlimited access to Telecompaper’s full coverage, with a customised choice of news, commentary, research and alerts.

Subscriptions

Already registered?



Categories: General
Companies: Oi
Countries: Brazil
::: add a comment

Add comment

Please login or register to leave a comment.

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


Related

Pharol rejects Elliott's alternative plan for Oi

Published 30 Jan 2017 09:36 CET | Brazil
Pharol SGPS, the largest shareholder of Brazilian operator Oi, said it would not support any alternative reorganization plan for ...

Elliot Management prepares new bid for Oi - report

Published 08 Jan 2017 19:37 CET | Brazil
Hedge fund Elliott Management is preparing a new investment proposal to revitalise Brazilian telecom operator Oi, sources ...

Oi bondholders may get rights in Sawaris' plan - report

Published 27 Dec 2016 12:53 CET | Brazil
Creditors and Egyptian billionaire Naguib Sawiris have proposed a rights issue as part of an alternative restructuring plan for ...

Oi to meet with creditors next week

Published 07 Dec 2016 15:38 CET | Brazil
Oi CEO Marco Schroeder said that he plans to meet with large groups of creditors and those potentially interested in the ...

Oi signals open to debt-for-equity swap - report

Published 05 Dec 2016 11:15 CET | Brazil
Brazilian telecom operator Oi may withdraw its proposal to restrict creditors from exchanging debt for shares for three years, a ...

Oi bankruptcy hearing in Netherlands set for 12 January

Published 05 Dec 2016 09:24 CET | Netherlands
The judicial administrators appointed to supervise the suspension of payments proceedings by Oi Brasil Holdings and Portugal ...

Cerberus prepared to invest USD 2 billion in Oi

Published 02 Dec 2016 11:12 CET | Brazil
US investment fund Cerberus, which specializes in companies with financial problems, is willing to invest USD 2 billion in ...

Oi to propose merger with Sky Brasil - report

Published 28 Nov 2016 17:36 CET | Brazil
Brazilian telecommunications operator Oi plans to submit a proposal for the merger of its operations with local pay-TV operator ...

Commercial Court to hear PT/Oi merger case in January

Published 28 Nov 2016 10:51 CET | Brazil
A court hearing on a case contesting the merger of PT SGPS (now Pharol) and Brazilian operator Oi is planned for 16 January 2017, ...

Anatel president says at least six groups interested in Oi

Published 23 Nov 2016 16:21 CET | Brazil
The president of Brazil's National Telecommunications Agency (Anatel), Juarez Quadros said that he had already spoken with ...

Oi bondholders request court action against Oi

Published 22 Nov 2016 14:10 CET | Brazil
The Steering Committee of the Ad Hoc Group of Oi Bondholders has filed a motion in the Brazilian court, requesting the Court take ...

Oi bondholders form new group

Published 14 Nov 2016 16:38 CET | Brazil
Law firm Dechert announced that a majority of Oi's bondholders represented by the Moelis group have formed a new group to push ...

Oi presents debt restructuring plan to court

Published 06 Sep 2016 08:46 CET | Brazil
The board of directors of Brazilian operator Oi approved the terms and conditions of the company's Judicial Reorganization Plan ...