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Brazil's Oi says Rioforte demise unlikely to impact operations
October 20, 2014 / 7:12 PM / 3 years ago

Brazil's Oi says Rioforte demise unlikely to impact operations

SAO PAULO, Oct 20 (Reuters) - Grupo Oi SA, the Brazilian telecommunications company struggling with rising debt and shrinking market share, said the demise of an investment vehicle that owed the company’s Portugal Telecom SGPS SA unit almost 1 billion euros ($1.28 billion) is unlikely to impact operations

In a filing with Brazil’s securities watchdog CVM, Oi said its Oi, Portugal Telecom and TelPart units will not be affected by the collapse of Rioforte, as the vehicle is known. Oi pledged to list shares of CorpCo, the firm that will encompass Oi’s and Portugal Telecom’s assets into a single company, by the end of the first quarter.

$1 = 0.7808 euro Reporting by Guillermo Parra-Bernal; Editing by Meredith Mazzilli

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