Operator has until July to complete the conversion. Expectation of company executives is to ensure the entry of new money later this year. Under the plan, the contribution could happen until February 2019.
Oi's president, Eurico Teles, said on Tuesday morning that the conversion of debt bonds into shares, as envisaged in the judicial recovery plan, will start "in the coming weeks." According to the schedule, the operator has one month to complete the transaction.
Oi presented last night its financial result for the first quarter of the year, which saw profit thanks to the reduction of indebtedness, already due to the judicial recovery .
The conversion will allow the company to convert R $ 28.9 billion into debt securities of R $ 4.9 billion. At the end of the process, the group's net debt will fall from R $ 44.6 billion a year ago to R $ 7.3 billion - a reduction of 83%.
Carlos Brandão, CFO of the company, stressed that the steps of the recovery plan are being followed strictly, until now. After the conversion, it expects to advance the company's new cash inflow, with a contribution of R $ 4 billion. The plan predicts that the contribution will occur until February 2019, but the executive believes that in the second half will be possible to carry out the operation.
According to him, this week there will be decisions in international courts - which he hopes will be favorable and in line with the decisions of the Brazilian Justice, to proceed and treat the bonds within the foreseen in the recovery plan.
Today, TV representatives are meeting with Bratel (Pharol) emissaries in New York in audience. The Portuguese woman has submitted her objection to the approval of the recovery plan to the shareholders' court. Until Friday, the Amsterdam court will judge the "composition plan", a kind of extension of the recovery plan for the bonds issued by Oi Coop and PTIF in Europe, to local jurisdiction.
In the first quarter of the year, Oi lost revenue, comparing the figures to the same period in 2017. But the company's commercial director, Bernardo Winik, said that tele will recover sales from now. First, because the launch of new offers pleased the consumer. Tele recorded a higher level of net additions in the mobile in 18 months with the new plans in March.
Second, because the company is investing in segmentation of products, delivering more customized plans according to the client. The strategy also involves converging voice, data and internet offerings , refarming the 1.8 GHz spectrum in 22 cities , with a focus on the North and Northeast. "The expected increase in Capex will also have an impact on revenue growth," he said.
He says B2B has also begun to recover. The division of the company suffered in the last year with announcement of judicial recovery and retraction of government investments. "But we are already participating in more bids and competitions, and we are starting to reap results," he said.
PLC 79 Adriana Cunha, chief regulatory officer of Oi, told analysts that the company has maintained expectations for the approval of the bill that provides for the conversion of concessions from concessionaires into licensing authorizations. But he stressed that even if the approval happens soon, the practical result should take months to materialize.
"It would take us several months to review and decide whether or not the company wants to migrate. Because it's an option, and we'll need to do calculations that are not trivial, "he said. The operator's calculations would also have to be consistent with those of Anatel and MCTIC, who also warned that they will only set values ??after approval by the PLC in Congress.
: Oi returns to profits in the first quarter
Oi returned to profit in the first quarter of the year. Revenue fell short of analysts' estimates.
Sara Antunes email@example.com May 29, 2018 at 07:59
Oi closed the first quarter of 2018 with net income of 30.5 billion reais (7 billion euros), thus returning to profit. The data were revealed this Tuesday, May 29, in a statement. Last year, Oi had losses of 69 million reais.
The telco, owned more than 20% by Pharol, explains that this profit is a "reflection of the record of the restructuring of its debt approved in the Judicial Recovery Plan." Net debt fell 82% to R $ 7.3 billion, according to the same source.
The company's revenues fell 7.3 percent to 5.67 billion reais, which fell short of analysts' estimates from Bloomberg, which anticipated an average turnover of 5.8 billion.
The Brazilian market (-7.3%) and international operations (-50.7%) were the reason for the decline in revenues due to the "reduction of the participation of one of the company's companies in the share capital of Namibian mobile telecommunications operator Telecommunications Limited ". Routine EBITDA increased 20.5% to R $ 1.6 billion, which surpassed analysts' expectations of 1.5 billion.
In New York, Oi and Pharol filed arguments against and in favor of the judicial recovery plan. Decision will still be made.
Oi informed the market at the end of the week that the owners of securities issued by the European subsidiaries approved the composition plans. These plans provide for payment of a fraction of the face value of the debt issued in Europe by the company.
The securities were sold by the subsidiaries PTIF and Oi Coop. All PTIF's banknote owners approved the plan, which follows that proposed in Oi's judicial recovery plan in Brazil. While 92% of Oi Coop's owners of securities approved the proposal.
The process, however, is not over yet. The outcome of the vote should now be confirmed by the Amsterdam court, which will hear the case. Such a decision will be issued on June 11.
New York Also last week was the audience between Pharol and Oi in New York. The Portuguese shareholder appealed to the United States Court to prevent the entry into force of the judicial recovery plan of the Brazilian concessionaire. In the case, Oi and Pharol presented their arguments to the judge. He promised to issue his verdict later this week.
The Dutch subsidiaries of Brazilian operator Oi have endorsed the company's judicial recovery plan, which will allow international recognition of the document, which aims to reduce the company's liabilities, was announced today.
In a statement sent to the market by Portugal's Pharol (formerly Portugal Telecom and Oi's largest shareholder), the companies Portugal Telecom International Finance BV - In Recuperação Judicial and Oi Brasil Holdings Coöperatief UA - In Judicial Recovery held "verification meetings" in the past Friday to endorse Oi's judicial recovery plan, approved last December at a shareholders' meeting in Rio de Janeiro.
To this end, the Dutch subsidiaries of Oi had to individually approve a plan that "gives effect to the international recovery plan," the statement said, specifying that these documents "materially reflect" what was approved in Brazil at the end of the year. last year and aim to "ensure that all material aspects ... have a binding effect on creditors and stakeholders not only in Brazil but also in other territories, including the Netherlands and the United Kingdom."
While Portugal Telecom International Finance's plan was "approved by 100% of the creditors present at the meeting, representing 99.99% of the total credits entitled to participate in the vote and representing 99.99% of the total debt", the other Oi Brazil Holdings Coöperatief, received the "92.82% of the creditors present at the meeting, representing 99.63% of the total credits entitled to participate in the vote, representing 89.16% of the total debt."
There is now an official acknowledgment of the documents before the Court of Amsterdam, whose hearing of approval is scheduled for next Monday, June 11, advances the note to the market.
Oi has been in a process of judicial recovery since 2016 with the objective of reducing its liabilities, which is around 65.4 billion reais (about 16 billion euros).
The Judicial Recovery Plan proposes to reduce the liabilities of the company by converting 72.12% of the debt borne by the creditors, to whom rights will be granted on the company.
Portugal's Pharol is Oi's benchmark shareholder, with 27% of the shares, which is expected to come down with the conversion of credits.
The Brazilian operator was in a merger with Portugal Telecom, which never materialized.
Last year, the loss attributed to shareholders of Oi fell from ? 8.0 billion (? 1.9 billion) from 2016 to ? 6.4 billion (? 1.5 billion).
Net revenue totaled R $ 23.790 billion (5.7 billion euros), down 8.5% from the previous year, which stood at R $ 25.9 billion (6.2% billion).
EBITDA (earnings before interest, taxes, depreciation and amortization) also decreased 6.8% from R $ 6.7 billion (R $ 1.6 billion) in 2016 to R $ 6.2 billion in 2017 (EUR 1.48 billion).
Conversely, net debt increased 18%, from R $ 40.3 billion to R $ 47.6 billion.
Die Frage ist, warum der Kurs immer noch auf Insolvenz Niveau ist. Kurs liegt mehr als -99% unter dem Stand 2011. Liegt es daran, dass das ganze Land am Arsch ist?
Wirtschaftskrise, Streiks, Korruption und Gewalt sind die Themen, die durch die Presse wabern. Wenn es schlecht läuft wird Brasilien noch schwere Zeiten durchleben und die Investitionen in brasilianische Firmen auf Jahre keine Erträge einbringen.
Im Moment habe ich das Gefühl, dass echt alles möglich ist.
Die Prefs von OI sind dann gestern auch wieder fast 10% abgestürzt. Dagegen hält sich Pharol ganz gut zur Zeit. Das Umschichten in OI war kurzfristig leider ein Rohrkrepierer!
The Brazilian capital market regulator has disclosed the conditions for the conversion of credits into Oi's capital, giving 30 days for shareholders to decide whether or not to follow the transaction.
The conditions for the conversion of credits into capital of Oi are already known. Pharol now has a month to decide whether or not to accompany this operation of its Brazilian subsidiary, according to relevant information disclosed on the website of the CMVM on Tuesday.
"The preemptive right shall be exercised within 30 days, counted from June 15, 2018 (inclusive), that is, until July 16, 2018 (inclusive)," says the document that was initially published by the Brazilian capital market regulator, and now also available on the CMVM website.
Failure to keep up with the transaction means that Pharol sees its position as the largest shareholder of substantially diluted Brazilian telecom.
At stake is the judicial recovery plan approved by Oi's creditors in December last year. This plan provides for the exchange of debt for shares and a capital increase that, not being accompanied by the shareholders, will lead to a strong dilution of its position, being that more than 70% of the Brazilian capital may be in the hands of the creditors.
Pharol has shown its opposition to this plan, but in the meantime, by the end of May it has already shown signs that it could accompany the increase in Oi's capital. A change in the by-laws that allows the company to inject up to 40 million euros into the company is to issue bonds. The objective could then be to participate in the capital increase of Oi, Brazilian operator of which Pharol is today the largest shareholder.
According to the Oi document made public on Tuesday, the capital increase through the capitalization of credits will be realized through the issuance of new shares at the unit price of 7 reais (about 1.6 euros), so that the total amount of the capitalization of credits is at least 7,279 million reals (1,666 million euros) and a maximum of 12,292 million reals (2,813 million euros).
: im moment scheint es keine gegenwehr zu geben
Oi can you recognize the recovery plan in the Netherlands Recovery plans for Dutch subsidiaries of Oi were approved. Another step towards the realization of the plan that goes from converting debt into capital.
The judicial recovery plans of the Dutch subsidiaries of the Brazilian operator Oi - PTIF and Oi Brasil Holdings Coöperatief (Oi Coop) - were approved by the court of Amsterdam, announced this Monday, June 11, to Oi.
In a statement, the Brazilian company said that "the plans were approved by creditors of PTIF and Oi Coop respectively at verification meetings held on June 1, 2018," which led the Dutch court to confirm the plans at the approval hearing .
"The approval decision is subject to a period of 8 days for appeal". After this period, PTIF and OI Coop "will be out of bankruptcy".
The approval allows the recovery plan to take effect not only in Brazil, but also in geographies such as the Netherlands and the United Kingdom. International recognition was one of the stages of the recovery process.
In addition to the Netherlands, processes for international recognition to the plan in the United States and Portugal also take place.
Oi had already indicated the intention to have this recognition in the different geographies by the end of the second quarter of the year, so that, during this period, the debt could be converted into capital, which would give creditors the largest share of the company. And the dilution of the position of current shareholders, including Pharol, which will hold a position of around 7.6%.
A plan that has been contested by Pharol, which saw its shareholder rights being reduced and even with votes inhibited. And so an arbitration process is underway in the Rio de Janeiro court between Pharol and Oi to resolve conflicts between the two parties.
Buenos Aires/Washington/ Rio de Janeiro (Bernd Lammert, 13:53 heute) - Sah es zu Jahresbeginn noch vielversprechend für die Börsen in Brasilien und Argentinien aus - die beiden größten Volkswirtschaften Südamerikas schienen auf gutem Weg zu einem nachhaltigen Aufschwung - hat sich der Wind inzwischen gedreht.
Die brasilianische Notenbank musste einspringen, um den Kursverfall der Landeswährung Real abzufedern. Die Notenbank teilte vergangene Woche mit, zur Stützung des Real würden zusätzliche Devisenswapkontrakte am Markt angeboten. Mit der Aktion soll das Angebot an US-Dollar erhöht werden und so die heimische Währung unterstützt werden. Diese steht aus konjunkturellen Gründen unter Druck. Wochenlang lastete ein Streik der Lastwagenfahrer auf der Volkswirtschaft. In der Folge kommt es zu Engpässen bei zahlreichen Gütern, darunter Benzin und Diesel. Hinzu kommt zunehmende politische Unsicherheit vor den Präsidentschaftswahlen im Oktober.
Das kann unter Umständen noch sehr lange dauern, bis sich der Wert erholt. Ich hatte immer die Hoffnung, dass die Lösung des Schuldenproblems mit einer allgemein guten Marktstimmung einher geht. Nun befürchte ich, dass der Markt da andere Ideen hat und dann geht vielleicht nicht viel nach oben. Wann dann die Bedingungen sowohl für die EM?s und OI wieder gut sind steht leider in den Sternen.
Wenn OI weiter so abstürzt, muss Pharol zwangsläufig folgen. Ich verstehe eh nicht, warum der Kurs nicht parallel zu OI läuft.
Pharol considers high price of the current capitalization of Oi Pharol guarantees that it will not be hindered from going to the capital increase of Oi. It even admits that the recapitalization will be made through the entry of new money. But it should not go to debt conversion.
Pharol guarantees that it can go to Oi's capital increase, not being limited by the 2014 agreement, in which it had a six-year stock option.
Under that agreement, --> dann wird der artikel kostenpflichtig
The Brazilian telecommunications operator has granted its request to CADE to effect the capital increase.
Oi announced in a statement to the stock market regulator (CVM) that the Administrative Council for Economic Defense (CADE, which corresponds to the Competition Authority) granted its request "for not knowing about the company's capital increase operation, in the form which is foreseen in the judicial recovery plan "already approved by the creditors and approved by the courts.
CADE "granted Oi's request for non-knowledge of the Company's capital increase, through the capitalization of a portion of the Unsecured Creditors of Qualified Bondholders (capital increase), as provided for in the judicial reorganization plan approved by the Shareholders' Meeting General of Creditors and approved by the Court of the 7th Business Court of the District of the Capital of the State of Rio de Janeiro, "said the document.
"It is still necessary to wait until 4 July 2018 for the termination of the proceeding in CADE. After that date, and there were no opposing manifestations, CADE's decision will remain fully confirmed," the statement added.
On 14 October, the board of the National Telecommunications Agency (Anatel) had already granted Oi "prior consent for the operator to carry out the capital increase provided for in its judicial recovery plan", in the order of four billion reais ( more than one billion euros).
The Brazilian operator - of which Pharol is a shareholder through Bratel - hereby states that, with confirmation of CADE's decision, and considering the decision of the board of directors of Anatel, "all previous conditions established in the plan will have been duly verified or waived. of judicial recovery for the realization of the capital increase ".
Oi intends to present to the market the project of the capital increase operation, Valor Valor reported. The company expects that the capitalization will occur in 2018 - thus, the deadline stipulated in the recovery plan, which ends in February next year.
In a first step, prior to the capital increase, is expected to convert debt into equity, a crucial operation to reduce the operator's debt, the same source said.
The conversion of credits into capital will lead to the dilution of the position of the current shareholders.
With the deadline for challenging the legal recovery plans of the Dutch subsidiaries of Oi approved by the Amsterdam court, all material aspects of the operator's recovery in Brazil are binding in the Netherlands.
On June 11, the judicial recovery plans of the Dutch subsidiaries of the Brazilian operator Oi - PTIF and Oi Brasil Holdings Coöperatief (Oi Coop) - were approved by the court of Amsterdam.
With this approval, he began counting an eight-day deadline for any appeal. This did not happened.
Since Oi's judicial recovery in the Netherlands has not been contested, all material aspects of this recovery in Brazil will have a binding effect in the Netherlands on creditors and bondholders.
Thus, approval allows the recovery plan to take effect not only in Brazil, but also in geographies such as the Netherlands and the United Kingdom. International recognition was one of the stages in the recovery process - which has also happened in Portugal and the United States.
No appeal was lodged with the Amsterdam Court of Appeal against the decision to confirm the composition plans of Portugal Telecom International Finance and Oi Brasil Holdings Coöperatief under Dutch law, the Brazilian operator said in a statement to the market .
"Considering the closure of the appeal period, the plans are now effective under Dutch law and the bankruptcy proceedings of PTIF and Oi Coop are closed," he concludes.
: Pharol processes Oi for losses of 10 billion
Pharol scheint zu kämpfen...
apa do Jornal de Negócios de 22 de junho de 2018. Jornal de Negócios
Pharol handed over to the Lisbon Judicial Court an action in which it accuses Oi of hiding the company's real financial situation during the "business combination". The process has a list of goods arrested outside Brazil and even dividends from Unitel. Read the full story in the paper edition of Jornal Económico. http://leitor.jornaleconomico.pt/edicao/jornal-economico/1942
Pharol filed a lawsuit against the Brazilian operator Oi in which it requires compensation for losses of 10 billion euros for having concealed the company's real situation during the "Business Combination" with the then PT SGPS.
Negócios firstname.lastname@example.org 22 de junho de 2018 às 08:51
According to Friday's edition of the newspaper Jornal Economico, which had access to the action filed, Pharol, led by Luís Palha da Silva, filed the suit in the Judicial Court of the District of Lisbon against the Brazilian company and other subsidiaries that were owned by the Group PT.
In issue is the alleged concealment of the true financial situation in the "Business Combination". According to the newspaper, in the main action Pharol claims compensation as compensation for damages actually suffered as a result of Oi's conduct and default, which determined, among other damages, the loss of value of Pharol's assets and the mark Portugal Telecom, for an amount in excess of 10 billion euros ".
In addition, on May 15, Pharol filed a petition in the Lisbon Court of Appeal for an injunction requesting the arrest of all the assets of Oi and its subsidiaries outside Brazil, in order to ensure that the Brazilian company has assets to pay compensation if Pharol wins the lawsuit.
The company led by Luís Palha da Silva considers that the replacement of the losses suffered "would imply the restitution of everything provided by the parties [PT SGPS and Oi] with the consequent return of the amounts and assets" that Pharol delivered in 2014, under the subscription of the capital increase of the Brazilian operator.
Thus, Pharol seeks the "arbitration of compensation which, under applicable law", allows Pharol to restore "the situation that would have existed if Oi had not lied, omitted and created artifacts that led to Pharol, represented by its shareholders in the General Meeting, to accept the conclusion of the so-called "Business Combination", its renegotiation and, subsequently, the authorization to sell its operational assets, PT Portugal to Altice ".
The newspaper reports that Pharol seeks compensation in the amount of EUR 2 billion for the damages suffered, also referring to the loss of market value of Pharol in the amount of EUR 7,121 million, directly attributable "to the breach by Oi of the most basic obligations and duties of information, good faith and loyalty. "
The lies of Oi, according to Pharol Pharol accuses Oi of providing false, incomplete and obscure information that led to Oi's capital increase through the delivery of PT Portugal, as well as the renegotiation after the Rioforte case.
Alexandra Machado Alexandra Machado email@example.com June 24, 2018 at 10:10 p.m. Business delivery In 2014, the shareholders of PT SGPS (converted into Pharol) approved the delivery of PT's operation, namely business in Portugal and abroad, to Oi under the........................
: bin auch nicht davon überzeugt, dass da was bei
rauskommt. es spricht ja auch nicht dafür, wenn man sieht wie Oi mit seinem Hauptaktionär umspringt. Als hätte man von der vergangenheit nicht gelernt. finde es sehr schwierig hier einen richtigen ansatz zu finden. frage mich nun tatsächlich, ob man aus der früheren misere überhaupt was gelernt hat.
daumen hoch für pharol, dass was bei rauskommt. finde die initiative von pharol aber richtig.
Pharol sues Oi in Portugal, but operator defends itself
Oi's largest shareholder seeks compensation from Oi for omitting its financial situation.
Pharol, formerly Portugal Telecom and the main shareholder of Oi, has reacted again against the operator, this time in Portugal.
The company filed a lawsuit in the Judicial Court of the District of Lisbon, accusing Oi of omitting its financial situation. He also said that, with this, the operator forced some contributions from Portugal Telecom, which would have generated a loss of 10 billion euros.
The injunction against Oi and its subsidiaries in Portugal requests the seizure of goods, money and rights of Oi, so that compensation is paid to the company.
According to the Portuguese newspaper Jornal de Negócios, in 2014, the shareholders of PT SGPS (now Pharol) approved the delivery of PT's operation to Oi in capital increase, but only because they would have been deceived as to the actual situation of the company.
For Pharol, Oi also started the judicial recovery only after receiving a high amount for the sale of PT Portugal to Altice. "Pharol believes that its shareholders only approved this transaction because the information prepared and provided at the general meeting by Oi was false, incomplete and obscure," the Business Daily reported on Monday (25).
In response, Oi accused the Portuguese company of using justice to distort facts and try to undermine its judicial recovery. In Brazil, Pharol has caused several problems for the Brazilian operator, preventing the company's capital increase, for example. The judge responsible for the recovery in Rio de Janeiro even removed Pharol's advisors from this process, as well as creating a mediation between Oi and its shareholders.
In response, Oi said the allegations are false and misplaced and were not accepted even in the Netherlands, where the judicial recovery plan is also being followed, as in other countries. Pharol also tried to bar Oi's judicial recovery in the United States.
"What Pharol intends to do is to use Portuguese justice, omitting and distorting facts, in order to try, by transverse way, to circumvent the execution of the judicial recovery plan approved by the almost unanimous of the 55 thousand creditors of Oi", informed the agency Lusa. "Oi clarifies that the alleged action filed by Pharol charging undue compensation, as reported by the Portuguese press, is part of a hostile strategy by this shareholder, under the leadership of Brazilian businessman Nelson Tanure, now Pharol's manager."
The company also emphasizes that it will continue complying with the judicial recovery plan approved by the Brazilian, American and Dutch courts and that, within the deadline for reply, it will clarify what is necessary for the Portuguese courts.