Portugal Telecom (WKN:895464)

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06.02.18 19:50

4523 Postings, 3141 Tage FD2012PT macht sich - große Ausschläge heute

paioneer: Fast unglaubliche 33,3 MIO Stücke heute im Handel, zuletzt mit 22% PLUS, bei
Tradegate. Also, wer's jetzt nicht verstanden hat, dem ist nicht zu helfen. Hier sind große
Interessen im Spiel. Sehen, wie der Kurs am DO./FR. sich einpendelt. Also hoffentlich nicht nur ein Intermezzo. Noch einen schöne Arbend, und daher bis bald.  

06.02.18 20:57

5913 Postings, 4029 Tage learnerHatte heute morgen noch

eine Überweisung aufs Tradingkonto gemacht, um dann demnächst nachfassen zu können. Da ich den ganzen Tag Stress hatte kam ich zu nichts und sehe gerade den Monstermove von heute.
Muss FD zustimmen, denn meine persönliche These ist ja, dass eine Insolvenz vom Tisch ist und die aktuellen Unsicherheiten kann man vortrefflich nutzen, um sich weitere Anteile zu sichern.
Bin gespannt wie es weitergeht, denn OI selbst ist heute nicht so stark gelaufen.  

06.02.18 23:07

932 Postings, 2827 Tage JAM_JOYCEnoch mal was rausgefischt

Oi / PT creditors have until the 26th to express interest in an agreement
06.02.2018 às 18h47

20 days is the period Oi's creditors have to choose payment options under the Brazilian operator's legal recovery plan. Those who do not risk risking to lose up to 85% of the capital still in debt

Anabela Campos
Former PT bondholders, transformed into Oi bondholders after the merger of the Portuguese and Brazilian operators, have 20 days to claim credits that they are still entitled to, and if they do not they risk losing much of the investment.

"Now whoever does nothing and has an investment of more than 50,000 reais, risks losing much of the investment and receiving only in 25 years, without interest, after the 20 day deadline, and if the creditors nothing do, there is a clause that allows Oi to pay only 15% of the credit at any moment and to complete the process, "said António Carneiro Pacheco, a partner in the law firm who mediated between Oi and the company, in mid-October.

According to a statement from Oi, released on Tuesday by its main shareholder, Portugal's Pharol, creditors have until the 26th day to choose between the payment options, as provided in the plan. These are information that can be found on the judicial recovery website (

If they choose to say yes to the agreement, Oi's bondholders will receive part of the investment in 12 years with a six-year grace period. They will, however, suffer a 50% cut in the amount of the investment. This agreement provides for the payment of 6% interest, with capitalization immediately, that is, also in the first 6 years of grace period. In 2024, the creditors will be reimbursed every six months of the capital and annually of the interest.
Carneiro Pacheco estimates that if people opt for this modality of being paid at 12 years, they should receive at the end of the term approximately 80% of the investment.
Already Candeias Advogados, which represents 700 creditors of Oi, estimates that in 12 years the value bondholders will receive is about 95 to 110% of the amount invested.
In the second option, the one in which the bondholders do nothing, will receive 25 years, and the annual repayment is made at the end of the 20th year, during the next five years. In this case the risk of loss is great.

First phase already paid
"The overwhelming majority of bondholders who have agreed to sign the mediation agreement (to receive up to about 13,000 euros from the investment made) have already received the agreed amount. There may be occasional cases of people who have not received, but are cases I believe are being treated, "says Carneiro Pacheco, the lawyer who mediated.

And he recalls: "Oi paid 90% of the investment amount within 15 days of signing the agreement, and the remaining 10% were paid afterwards." They will be reimbursed as of today, since it began counting the deadline of 10 working days after published the approval of the creditors agreement, which happened on Monday.

The lawyer says that his law firm even signed in October, when he was mediating for Oi about 300 Oi / PT bond contracts per day. Oi in December issued a statement clarifying that agreements were reached with about 5,000 bondholders. It was a marathon, 36 people were involved in the process.

Pharol maintains AG despite refusal of Oi

Portugal's Pharol, which owns 27% of the Brazilian operator's share capital, wants to hold an Extraordinary General Meeting of Oi this Wednesday, the same one that the Brazilian telecoms company announced was canceled on Friday. There is an arm-rail that holds.

This AG, says Pharol, will have relevant topics on its agenda, which is why it "urges Oi's shareholders to participate in the aforementioned Assembly and any possible deliberations on the matters included therein."

As of 1 February, the Public Prosecutor's Office of Rio de Janeiro had filed an appeal against the decision to ratify the Oi Judicial Recovery Plan, which was approved at a general meeting of creditors at the end of 2017.

The Judicial Recovery Plan aims to reduce Oi's liabilities, which are around 65.4 billion reais (about 16 billion euros). It will be done by converting 75% of the debt borne by the creditors.  

07.02.18 14:19

932 Postings, 2827 Tage JAM_JOYCEda scheint aber noch viel spekulation

mit drin  zu sein. wie wahrscheinlich ist das denn``?

Former PT bondholders, who became Oi's bondholders, after the merger between the two, have until February 26 to show their interest in the company. If they do not they risk losing much of the investment, he told Oi.

It is "very positive for the interests of the Portuguese company," said the analyst at Orey iTrade, adding that "it remains to be seen if this initiative will have much adherence on the part of the creditors or not."

If they say yes to the agreement, Oi bondholders will receive part of their investment within 12 years, with six grace periods.  

07.02.18 22:02

932 Postings, 2827 Tage JAM_JOYCEmh

Judge says Oi shareholders meeting has no effect on restructuring
Reuters Staff
SAO PAULO, Feb 7 (Reuters) - A Rio de Janeiro judge decided on Wednesday that a shareholders meeting called by a major equity holder in debt-laden Brazilian telecoms carrier Oi SA will have no legal effect on the company?s in-court restructuring.

Responding to various petitions from Oi shareholders, Judge Ricardo Lafayette Campos also upheld a plan approved by bondholders in December and courts in January to take the company out of bankruptcy protection.

?I maintain ... the decision that made the recovery plan official,? he wrote.

In December, after a dramatic and fractious 18-month battle, bondholders in Oi - Brazil?s largest fixed-line carrier - approved the plan to take the carrier out of bankruptcy protection and inject billions of dollars of fresh capital into the carrier.

During the proceedings, the judge overseeing the case removed the company?s board from the process, and creditors eventually approved a plan with a significant equity dilution.

That enraged many of Oi?s equity holders, including its largest, Pharol SGPS SA.

In contradictory statements this week and last, Pharol said it was calling a shareholders meeting on Wednesday to deliberate on various aspects of the recovery plan, while Oi said there would be no meeting.

In the Wednesday decision, Judge Lafayette clarified that no meeting outside the courts would have an effect on the restructuring process.

A representative for Pharol did not immediately respond to a request for comment  

08.02.18 13:03

932 Postings, 2827 Tage JAM_JOYCEOi shareholders agree to file sui against CEO and


Shareholders reperesenting 31,1% of Oi's equity and led by Pharol, itself holding a 22,2% stake, held a general meeting on Wednesday challenging the embattled telco. A majority of shareholders present voted to file civil lawsuits against Oi CEO Eurico Teles and CFO and administrative offices Carlos Augusto Brandao for going along with the company's debt restructuring plan. They also elected new executives to replace Messrs. Teles and Brandao. In a note, Oi said the meeting violates previous court rulings, ist not legally building, and that will not follow any of itss decisions.  

08.02.18 17:22

5913 Postings, 4029 Tage learnerAktuell fällt der Markt sehr stark, aber Oi

nicht mehr. Das könnte ein gutes Zeichen sein, bzw. sich ein Boden bilden. Die heutigen Abgaben bei Pharol würde ich als Gewinnmitnahmen werten. Ich habe denn mal nachgekauft und hoffe, dass 2018 die endgültige Wende kommt.

Große Moves nach unten sind zwar immer noch drin, wenn wieder mal irgend jemand versucht den Gang der Dinge in seine Richtung zu zerren und dadurch Unsicherheit ausgelöst wird, aber das muss man leider bei solchen Werten in Kauf nehmen.  

09.02.18 17:54

4523 Postings, 3141 Tage FD2012PT heutige Pharol SGPS

learner: Dürftes mal wieder richtig mit Deiner Annahme liegen. Kurs sinkt, weil noch Unsicherheiten bestehen, obschon man den Gang der Dinge erahnen kann, denn es wird
zu einer Beteiligung von Pharol - auch jetzt noch -  kommen. Allerdings auf verminderter
Basis. Schätze knapp 7 % an Oi S.A.; herkommend aus 27,5%, nach alter Beteiligungshöhe. Wenn's dann doch 10 - 12% wären, es wäre wie ein Sieg in dem Verfahren.

Zurzeit sind offenbar Aktienanlagen unerwünscht. Nicht anders beurteile ich die heutige
Börsenentwicklung an europ. Wertpapierbörsen (und auch in den USA).

                                                                                                 .... Bis bald  

09.02.18 21:10

5913 Postings, 4029 Tage learnerDie Aktienmärkte sind zwei Jahre

ohne nennenswerte Korrekturen gelaufen mit mittlerweile recht ambitionierten Bewertungen.
Das kann nicht ewig so laufen, weshalb die Volatilität wahrscheinlich ein Bestandteil der nächsten Wochen sein wird.
Es ist jedoch durchaus denkbar, dass eine endgültige Lösung bei OI mit einem Ende der unruhigen Zeit an den Börsen zusammen fällt.
Das wäre ein ziemlich optimales Szenario, dass den Kurs weit tragen könnte.  

10.02.18 07:16

5913 Postings, 4029 Tage learnerMein Wunschszenario!

Bodenbildung und Ausbruch nach Norden.  
Angehängte Grafik:
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13.02.18 18:08

7110 Postings, 3874 Tage paioneerlearner...

sehe das ganz ähnlich wie du. pharol könnte einen doppelboden ausbilden, was natürlich nochmals mit einem kursrückgang richtung 0.17 einherginge. wenn sich der kurs dann wieder fängt und die märkte unseren wunschvorstellungen entsprechen, kann sich der kurs auf die reise machen, wenigstens 0.50 und dann hoffentlich neue höhen zu erklimmen...

wir werden sehen...  

13.02.18 19:46

5913 Postings, 4029 Tage learnerPharos hält sich aktuell

etwas besser als OI. Das kann sich aber auch täglich ändern! Die ADR von Pharol gibt heute in den Staaten nach. Das könnte morgen in Europa nachvollzogen werden.

Dass Pharol noch einmal zur 17 läuft glaube ich nicht nach dem Hammermove letzte Woche. Kaufinteresse sollte jetzt eigentlich darüber liegen.

Meine Vermutung ist, dass 20 nicht mehr unterschritten wird, wenn nicht gerade extrem schlechte News kommen. Börse bleibt halt eine Spekulation.
, also nicht Melkern, wenn wir drunter gehen.  

15.02.18 11:10

932 Postings, 2827 Tage JAM_JOYCE2/14/2018 at 7:41 PM Judicial recovery plan

'backed up and safe', says Oi

By Rodrigo Carro and Rafael Bitencourt | Value

RIO E BRASÍLIA - In response to the statements made by Pharol, its largest shareholder, who is preparing to request an arbitration proceeding against the company, Oi informed, in a note sent by its press office, that it followed all the rites judicial recovery process.

The operator added that all the acts practiced in its judicial recovery process are in compliance with high standards of governance. The company's shareholders and board of directors differ as to the terms of the judicial recovery plan approved in December by creditors. "Oi's judicial recovery plan was approved by a large majority in the creditors

Oi's judicial recovery plan was approved by a large majority in the creditors' meeting and homologated by the Court (approval of 100% in Labor class, 100% in the Class Guarantee Real, 72.17% in the class Unsecured, and 99.8% in the Microenterprise class.) The company continues with its operations normally and at the same time remains focused on pro

The National Telecommunications Agency (ANATEL) postponed the board meeting, originally scheduled for tomorrow, at 3:30 p.m., which would deal with the "Oi Group Special Follow-Up" process. The discussion of the matter by the top of the agency was rescheduled at 10 o'clock on February 22.

According to Anatel, the rapporteur of the process is the counselor Leonardo de Morais, who prepares a presentation to the other members of the board. The meeting will not be open to the public.

Two Oi executives were invited to accompany the discussion, with the possibility of clarifying the situation of the operator: the CEO, Eurico Teles, and the chairman of the board, José Mauro da Cunha.


16.02.18 13:20

7110 Postings, 3874 Tage paioneerschon lustig...

oi läuft wieder ganz gut, aber pharol tangiert das nicht die bohne. machten zwar einen kurzen move, bewegen sich aber seit tagen überhaupt nicht mehr...

ich werde da nicht schlau draus...  

17.02.18 07:07

5913 Postings, 4029 Tage learnerIch habe die Widersprüchlichkeiten

der Kurse bereits erläutert. Letztens gab es ein Post, in dem gerechnet wurde, dass die Anleihegläubiger in ferner Zukunft eine Chance auf Return of Investment haben.

Sollte das zutreffen, ist die 75% Regelung eine massive Ungleichbehandlung gegenüber den Besitzern von Aktien. Insbesondere Pharol hat OI Milliarden in die Kasse gespült und dafür entsprechende Anteile bekommen.

Dass die Anleihegläubiger überhaupt eine Chance erhalten einen Teil ihres Investments zurück zu bekommen, haben Sie diesem Umstand zu verdanken.

Wie kann man also nun eine Regelung treffen, die die Aktienbesitzer nachhaltig enteignet, während die Gläubiger langfristig viel besser gestellt werden?

Da ist es nur verständlich, dass Pharol gegen diese Regelung arbeitet.

Und nochmals zurück zum Kurs von OI, der gemessen an den Höchstständen immer noch einen Verlust von über 99% aufzeigt! Das ist immer noch ein Wert, der eine Insolvenz einpreist!  

19.02.18 16:31

7110 Postings, 3874 Tage paioneerlearner: sollte pharol...

mit dem einspruch erfolgreich sein, dann wird sich der kurs signifikant erhöhen. derzeit ist die unsicherheit noch viel zu gross. heisst aber im umkehrschluss, dass wir die 0.17, welche von dir ja von der hand gewiesen wurden (#2337), durchaus nochmal erreicht werden können...  

20.02.18 14:04

932 Postings, 2827 Tage JAM_JOYCEdas scheint noch lange nicht vorbei zu sein

Even after approval of the recovery plan, Oi is subject to legal disputes
The operator took a year and six months to reach an agreement with its creditors, but it is far from having remedied the problems with its major shareholders
Jessica Sant'Ana [19/02/2018] [7:01]

Despite a year and six months of negotiation and nearly 15 hours of assembly to succeed in approving its recovery plan, Oi remains embroiled in a judicial imbroglio. The company's shareholders will have reduced participation and, in order to avoid this, are entering various actions to modify the approved proposal and to dismiss the current board of directors. The court has, until then, rejected the shareholders' requests, but as the dispute continues, Oi is still experiencing a period of instability and should be focused on cleaning the house and investing again to recover the lost space from when it entered crisis.

Nunca foi tão importante estar bem informado.
Sua assinatura financia o bom jornalismo.
Oi was able to approve its judicial recovery plan at dawn on December 20, after a year and six months of dispute between shareholders, creditors and the government. The lawsuit involved a presidential exchange - left Marco Schroeder and Eurico Teles - and a court decision to keep shareholders out of the negotiation to give full power to the board of trustees led by Teles to define the terms of the agreement with creditors. It was the biggest recovery request ever recorded in the country's history, after the company accumulated debts of R $ 64 billion with about 55 thousand creditors.

LEARN MORE: How Oi went into crisis?

The recovery plan approved in December and ratified on January 8 will take about a year to be fully completed. It provides, among other things, for a substantial debt reduction of some R $ 38.5 billion, in exchange for up to 75% of the company's capital for creditors, resulting in a dilution of the a quarter of the current size. The proposal also establishes a capital increase of R $ 4 billion until February 2019, raising R $ 2.5 billion in the financial market and reinvesting of any asset that will be sold within five years. A transitional board of directors will be formed in April and the current board will be in place until the beginning of next year, when Oi, already as a new team of shareholders (the former creditors) will define its new administrative structure.

Judicial war
But even after it has been approved and approved, major shareholders continue to contest the validity of the recovery plan in court. They claim that the plan presents "inconsistencies," not ensuring long-term business continuity. In addition, they say that they were harmed because they could not participate in the construction of the proposal and say that the current board, which is responsible for the final terms of the plan, has committed illicit acts in the management of the operator. Oi denies the information and there is no judicial decision in favor of the shareholders.

The Portuguese shareholders of Pharol, which hold 22.24% of the shares and are Oi's main individual shareholder, are leading the judicial war against Oi, supported by other shareholders, including Nelson Tanure , owner of the Société Mondiale fund and Pharol. The Portuguese have filed applications to suspend the plan in court, the Securities and Exchange Commission (CVM), the National Telecommunications Agency (Anatel) and the Arbitration Chamber of the Brazilian Stock Exchange. The Association of Minority Investors (Aidmin) filed a lawsuit with the US Justice Department and the Public Prosecution Service also filed suit, challenging the terms of the settlement agreement with Anatel and requesting the validation of the plan in a new meeting, with the presence of shareholders. Until then, the court has denied the requests.

The most tense moment came earlier this month, when the Pharol fund convened a general meeting of shareholders and, at that meeting, they dismissed Eurico Teles and Carlos Augusto Brandão from the posts of president and chief financial officer respectively. Oi did not recognize the legality of the meeting and, the next day, the Court ruled that the meeting was illegal and that its decisions have no effect, maintaining the board and the terms of the agreement approved in the meeting with the creditors.

There is also an imbroglio with Anatel. The plan predicts that R $ 8.3 billion of administrative debt will be paid in 240 times and that the other R $ 6.1 billion will be 20 years grace period. Anatel voted against the proposal and said that the model for repaying debts with the agency is illegal and will cause damage to the treasury. The agency has already stated that it will appeal to the last instances. But she agreed with the other terms of the agreement and advocates implementing the plan.

Hi, I already lost almost 10 million customers
As this novel drags on, Oi continues to try to put into practice its judicial recovery plan. The implementation is essential for the operator to re-invest at least R $ 7 billion per year, as promised, and try to recover its lost space. Oi had been investing around R $ 4 billion per year, lower than the market average and used only to maintain the network. Anatel says it takes R $ 8 billion a year for Oi to be able to upgrade its network.

The operator has already lost 9.92 million customers since it went into judicial reorganization in June 2016, until December 2017 in the fixed, mobile and broadband segments. In the area of ??pay-TV alone, it achieved a positive balance of 299 thousand customers in the period. It is the operator that lost the most customers in mobile telephony, an area considered essential for the future of the teles.  

22.02.18 13:11

28 Postings, 1755 Tage Fastimplusgroße Unsicherheit im Moment

Habe in den letzten Jahren gestreut, Pharol-Aktien, Oi-Aktien und PT-Anleihen, die ich gerade noch mal nachgekauft habe. Im Moment verharren die Aktien und Anleihen fallen ins einstellige.
Mal schauen, wie es weitergeht. Mindestens eines der Investments sollte sich vervielfachen, wenn es irgendwann zur Einigung und Umsetzung kommt.  

23.02.18 17:46

5913 Postings, 4029 Tage learnerSchöner Chart!

Man sollte doch meinen, dass 10% vom alten Hoch eine machbare Größenordnung wären!?

Aber im Grunde weiß ich nicht, ob dass die Zahlen von OI inkl. der im Raum stehenden Regelung mit den Gläubigern noch zulassen. Zumindest ist die letzte Kerze hinsichtlich der Kerzentheorie höchst interessant. Es könnte eine Umkehrkerze werden, die das Ende der aktuellen Korrektur bedeuten würde.

Aber letztlich hängt alles daran ob es eine Einigung gibt, die das Klima der Unsicherheit beendet.  
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28.02.18 15:24

932 Postings, 2827 Tage JAM_JOYCEJustice extends deadline for Oi's creditors to cho

ose payment method

Economia e Negócios/  27 de Fevereiro de 2018

The court has extended until March 8 the deadline for holders of company bonds, so-called bondholders, to report how they wish to be paid within the company's judicial recovery plan.  Rio de Janeiro may remove Portuguese company Pharol from Oi's recovery process.

In the ruling, the ruling of the 7th State Court of Rio de Janeiro ruled that there could be a loss to this class of creditors of Oi, the Brazilian telephone operator owned by Portugal's Pharol (formerly PortugalTelecom).

"In view of the omission of the trustees and the resulting loss of the trustees , I determine, in favor of the bondholders who have been left destitute at this time, the extension of the term to exercise the option of the form of payment "Said the order of Judge Ricardo Laffayete Campos, responsible for the Oi process.

The deadline initially agreed for creditors to determine the option to receive credits has expired Monday (26).  Two options are offered to the creditors, after the interested party has the right recognized by the Court: to receive in cash or in shares.

With debts of more than R $ 64 billion and 55 thousand creditors, Oi was able to approve its judicial recovery plan in December last year, considered an essential step to avoid bankruptcy or the intervention of the federal government in Oi.

Among other things, the plan foresees the conversion of the debt up to the limit of 75% of the capital of the operator, allowing Oi to be effectively acquired by the creditors.  It also foresees a contribution of R $ 4 billion in new resources by creditors and shareholders and the possibility of capitalizing an additional R $ 2.5 billion via capital markets for new investments, until the beginning of 2019.

Judicial war may remove Pharol from prosecution

Even so, the company faces a dispute between shareholders and part of the creditors.  Last Friday (23), the Public Prosecutor's Office of Rio de Janeiro reported that it asked the Rio Court of Justice (TJ-RJ) to bar the participation of shareholders Pharol and Sociètè Mondial in the board of directors of Oi.

In the request, dated February 13, the promoter Gustavo Lunz pointed out as a reason the extraordinary general meeting held on February 7 and convened by the shareholders.  According to the MP, the purpose of the meeting was to disrupt the judicial recovery process.

On March 8, the State Court of Rio de Janeiro granted an injunction suspending the effects of the deliberations of the shareholders' meeting.  In the decision, Judge Ricardo Laffayete Campos of the 7th Rio de Janeiro Business Court accepted Oi's request to decree the illegality of the meeting for disregarding the judicial decision that approved the recovery plan.  "Eventual change of the recovery plan could not be carried out extrajudicially," says the judge in the decision.

The MP wants all the participants in the event to be prevented from joining Oi's board of directors or to appoint names for it during the next two years, the period of validity of the judicial recovery plan.  In a statement, Pharol said that "there is no legal basis for suspension of shareholder rights."

03.03.18 09:19

5913 Postings, 4029 Tage learnerEndlich haben wir eine Marktkorrektur.

Das ist für mich eine Voraussetzung für spätere, nachhaltige Anstiege. Jetzt fehlen natürlich die positiven Nachrichten, die den Streit zwischen Anleihegläubiger und Aktienbesitzer beendet.

Solange die Gerichte bei ihrer Haltung bleiben und Pharol keinen rechtlichen Hebel findet, wird Pharol lediglich im Rahmen der Normalisierung und Bewertung von OI profitieren oder auch nicht.

Sollte jedoch ein Hebel gefunden werden, kann der Kurs von Pharol OI natürlich Outperformen. Denkbar wäre dann sogar eine Übernahme von Pharol durch einen größeren Player, um den Widerstand zu einer Regelung brechen zu können, oder um davon zu profitieren.

Derweil wabert der Kurs so vor sich hin, hinsichtlich der Marktkorrektur gar nicht mal so schlecht. Der Indikator im Wochenchart zeigt eine mögliche Wende an. Aber auch hier bestimmen die Nachrichten die Bewegung und nicht anders herum.  
Angehängte Grafik:
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06.03.18 15:21

932 Postings, 2827 Tage JAM_JOYCEbeim kurs merkt man nix

Pharol halts Oi's capital increase

After having suffered some losses in the Brazilian justice, related to the process of restructuring of Oi, Pharol has now obtained a victory.

According to a company headed by Palha da Silva in a statement, the Market Arbitration Chamber (CAM) "decided to partially approve the request for emergency measures presented by Bratel", which is the company of Pharol that is a shareholder of Oi.

Pharol wanted the decisions taken at the Oi board meeting to approve the company's judicial recovery plan to be rendered ineffective.  CAM ruled that Oi is prohibited from moving forward with the capital increase, which is a key factor in the operator's recovery process.

"According to the Emergency Decision, Oi should" refrain from implementing the capital increases in question, under penalty of a fine of 122,923,791.41 reais, "said the statement from Pharol sent this morning to the CMVM . Hi was aware of this decision prior to the extraordinary meeting held yesterday by the Board of Directors.

Oi's Judicial Recovery Plan, which entails a capital increase of between R $ 4 and R $ 6.5 billion, is the result of a lawsuit filed by the Brazilian telecommunications operator in June 2016. It aims to reduce the company's liabilities, which are round (approximately ? 16 billion) through the conversion of 75% of the debt borne by the creditors, to whom rights will be granted over the company.


06.03.18 15:51

932 Postings, 2827 Tage JAM_JOYCEin der zwischenzeit läuft wohl aber der recovery p


Por Marcelle Gutierrez e Ivan Ryngelblum | Valor

SÃO PAULO - Oi's board of directors, in judicial reorganization, approved the conditions of the capital increase, with the issuance of new common shares and subscription warrants. The collegiate meeting was on Monday (5) and the relevant fact published on Tuesday (6).

Will be issued from 1,039,868,479 to 1,756,054,163 new common shares, at R $ 7.00 each. Thus, the increase will be between R $ 7.279 billion and R $ 12.292 billion.

Also, up to 135,081,089 subscription bonuses will be issued by Oi, which will be attributed to the subscribers of the shares object of the capital increase and each bonus will give the holder the right to subscribe 1 common share.

The capital increase will occur through the capitalization of part of the unsecured debentures of the bondholders and within the authorized limit.

According to the company, the number of shares and bonds to be issued depends on the outcome of the process of choosing the payment options of the bondholders, whose deadline was extended to March 8 and the exchange offer.

The current shareholders of Oi will also have preemptive rights in the capital increase, with a 30-day term, initiated after the publication of the notice of the shareholders, still to be held.

Today, Pharol (formerly Portugal Telecom), a shareholder of Oi, informed that the Market Arbitration Chamber (CAM) of B3 determined yesterday (5) that Oi should refrain from implementing the capital increase provided for in the plan of judicial recovery, homologated in January by the Justice, under pain of a fine of R $ 123 million.

The decision was made because of the arbitration proceeding initiated by Bratel, a subsidiary of Pharol, in February. Pharol argues that the judicial reorganization plan approved in December is invalid because matters relating to the company's governance and the future capital increase envisaged in the plan would necessarily have to pass through a meeting of shareholders.  

07.03.18 10:56

5913 Postings, 4029 Tage learnerLustige Kursentwicklung, denn gemessen

am Kurs von den OI prefs ist Pharol schon unterbewertet und da ist noch nicht mal der Fakt einbezogen, dass dieser Kurs ja ohnehin mehr als 99% unter dem Höchstkursen vergangener Jahre notiert.  

07.03.18 15:14

932 Postings, 2827 Tage JAM_JOYCEIn shock with Pharol, Oi has two days to deliver

Oi has 48 hours to rule on the arbitration award, which, in favor of Pharol, proposes to halt the capital increase. The Brazilian operator considers the procedure illegal.

Brazilian operator Oi has two days to rule on the ruling of the Market Arbitration Chamber (CAM), known on Tuesday, which prevents the company from realizing the capital increase approved on Monday. This Tuesday, Pharol ? PHR 4.89% informed the Portuguese Securities Market Commission (CMVM) in Portugal that CAM prevented Oi from realizing the capital increase for the capitalization of credits approved on Monday in extraordinary meeting of the Board of Directors.

However, in a statement released a few hours later to the Brazilian market, the Brazilian operator stresses that "such a manifestation was delivered without the company being heard or had an opportunity to express itself, and Oi was granted 48 hours to provide information and to speak on the claims of Bratel [subsidiary of Pharol] ", which initiated the arbitration procedure.

Oi considers that "[t] he arbitration procedure, by creating illegal obstacles to the implementation of the company's capital increase provided for in the [judicial reorganization] plan, is contrary to the resolution of the general meeting of creditors that approved the plan, , as well as other judgments rendered by the judicial recovery court, the only court competent to decide on the matter in question, as ratified by the Superior Court of Justice. "

"The company clarifies, finally, that it considered it appropriate to disclose this material fact, despite the 48-hour period granted and necessary for its analysis and deepening of the arbitration proceeding, according to the publicity given by third parties to the arbitration procedure and to the arbitrator's manifestation support, "says Oi, ensuring that" it will take appropriate measures to prevent any harm to the implementation of the plan. "

This position had already been transmitted through written information, in which the Brazilian telecommunications operator insists on the completion of the capital increase approved, a move that Portugal's main shareholder Pharol tried to halt, namely in trying to prevent the meeting. Oi has been in the process of recovering since 2016, with the objective of reducing its liabilities, which is around 65.4 billion reais (about 16 billion euros).

The Judicial Recovery Plan, approved at the end of last year by creditors, proposes to reduce the company's liability, which is around 65.4 billion reais (about 16 billion euros), by converting 75% of the debt borne by the creditors, to whom rights will be granted over the company. However, the decision to approve this plan was challenged by Bratel, who claims that the document did not have the "prior approval" of the shareholders and the Board of Directors, but the court of Rio de Janeiro would reject this claim of the subsidiary of Pharol .

Meanwhile, Pharol convened an extraordinary shareholders meeting of Oi on February 7, in which it was decided to sue the president and the director of the telecommunications company, but the Rio de Janeiro court eventually considered "invalid and ineffective any deliberation extrajudicial decision that would run counter to the issues already approved in the plan ". Oi, in which Portugal's Pharol is a reference shareholder with 27% of the shares, was in a merger with Portugal Telecom, which never materialized.


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