JAM_JOYCE : scheint heiß her zu gehen
The president of Pharol, a shareholder of Oi through Bratel, was suspended from duties in the management of the Brazilian operator.
Luís Palha da Silva and Pedro Morais Leitão, members of the administration of the Brazilian telecommunications operator Oi through Bratel - the subsidiary of Pharol in Brazil and which holds 27% of the company under judicial reorganization - are among those responsible for being suspended for decision of a court in Rio de Janeiro.
The information was advanced in a statement from Oi , which notes that on Wednesday, March 7, the ruling of the 7th Business Court of the District of the Capital of the State of Rio de Janeiro [court having the his position the company's judicial recovery plan] in this sense.
The court, Oi stresses, "fully accepting the opinion of the Public Prosecutor, suspended the political rights of the subscribers of the minutes of the Extraordinary General Meeting of February 7, 2018, except those who abstained from voting, and determined the removal of members of the board of directors elected by them, until the capital increase provided for in the company's judicial recovery plan ".
Under the terms of this decision, the shareholders Bratel S.A.RL, Société Mondiale Investment Fund [Brazilian businessman Nelson Tanure], Petrorio SA and Aurélio Valporto, among others, have their rights suspended, the statement added.
"Consequently, the members of the Board of Directors elected by them, Messrs. Luís Maria Viana Palha da Silva, Pedro Zañartu Gubert Morais Leitão and Helio Calixto da Costa, are removed from their positions," the document continues.
The decision also determined "the summons of the current directors and president of the company and the shareholders whose political rights were suspended, to express their interest in initiating a mediation procedure," he concludes.
Hélio da Costa was Communications Minister in Brazil, and, according to the Brazilian press, is linked to shareholder Nelson Tanure. This Wednesday evening had already been communicated his departure from the administration of Oi, having been advanced that this withdrawal happened at his request.
In that same statement , Oi also advanced the departure of the Portuguese company Vicente Ribeiro from the Brazilian operator, in the scope of approval of "changes in the company's organizational structure".
Hélio Costa and Vicente Ribeiro had been appointed on November 3 to the board of Oi, remaining as administrators of the Brazilian company. But both had been barred, on 19 November, by the court from participating in decisions involving judicial recovery. At that time it was said that the decision was provisional, but now both leave the company.
It is recalled that the deadline for Oi's creditors, including the Portuguese, to choose their option to receive the loans they made to vehicles that are now owned by the Brazilian company ends today.
The advances and retreats of the capital increase
Pharol was one of the shareholders who opposed the recovery plan (a process started in 2016 aimed at reducing the company's liabilities, which is around ? 65.4 billion) approved at the meeting of creditors in December, which was promoted by its president, Eurico Teles, by court order, without having gone to the approval of the then board of administration of Oi.
To this end, the company led by Palha da Silva called a GA that took place on February 7 and the shareholders present approved the filing of actions against the directors of the company and their replacement.
But the very next day, Pharol was judicially defeated in its intention to replace Oi's management, as the Brazilian court agreed with the Brazilian operator's intention to suspend the deliberations taken at the extraordinary general meeting convened by the Portuguese company.
Subsequently, on March 5, Oi's board of directors approved the aforementioned legal reorganization plan, which Pharol wanted to have no effect.
However, this Tuesday, March 6, a new turnaround: Pharol was able to halt Oi's capital increase in the recovery plan. According to a statement from the Portuguese company, the Market Arbitration Chamber (CAM) of Brazil "decided to partially approve the request for emergency measures presented by Bratel."
CAM then ruled that Oi was prohibited from moving forward with the capital increase, which is a key factor in the operator's recovery process. However, in today's press release, citing the aforementioned court in Rio de Janeiro, the Brazilian company says it has the green light to move forward with the planned capital increase.