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OIBR3.SA on Sao Paulo Stock Exchange

20 Apr 2018
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Latest Key Developments (Source: Significant Developments)

Court Administrator For Brazil's Oi Declares Quorum For Creditor Assembly
Tuesday, 19 Dec 2017 


Pharol says ready for major dilution in Oi, to go along with cash call
Friday, 24 Nov 2017 

Nov 24 (Reuters) - Portugal's holding company Pharol Sgps Sa ::CEO Luis Palha da Silva says Pharol is ready for a significant dilution of its stake in Brazil's troubled telecoms giant Oi under the latest restructuring plan.nL1N1NR02U.Pharol will seek to keep a large stake in Oi, wants to take part in a capital increase..Pharol is the largest shareholder in Brazil's troubled telecom group Oi, where it holds a 27.2 percent stake..Pharol will ponder various options, consider financial instruments to come up with cash for the capital increase..Laments a lack of cooperation of some Oi bondholders..Says the latest plan answers bondholder concerns..  Full Article

Pharol seeks to keep high stake in Oi in restructuring -CEO
Thursday, 12 Oct 2017 

Oct 12 (Reuters) - CEO of Portugal's Pharol SGPS , the largest shareholder in Brazil's telecom firm Oi says::Oi restructuring plan presented on Wednesday is "balanced and positive"..Luis Palha da Silva says Pharol will make an effort to keep its stake in Oi at highest possible percentage after the restructuring..Pharol is not opposed to "demanding" dilution of shareholdings in Oi..A restructured Oi will be ready for mergers and acquisitions activity, not necessarily as a target..Pharol holds a 25.7 percent stake in Oi..Oi, which is in a bankruptcy protection process, submitted a debt restructuring plan that would limit the debt-for-equity swap demanded by creditors to 25 percent of its capital, far below the 88 percent proposed by a group of bondholders. nL2N1MM2JP.Further company coverage: PHRA.LS.  Full Article

Pharol Q2 net profit doubles to 57.6 million euros YoY
Wednesday, 31 Aug 2016 

Pharol SGPS SA : Said on Tuesday Q2 net profit doubles to 57.6 million euros ($64.2 million) versus 28.5 million euros year ago . The book value of Pharol's investment in Oi as of June 30 amounted to 99.8 million euros . "The second half of 2016 will be marked by the evolution of the judicial recovery process (...) in which investee Oi is involved" CEO Luis Palha da Silva said . Q2 EBITDA loss at 1.9 million versus loss of 5.3 million euros year ago . Q2 gains in joint ventures and associates up at 64.2 million euros versus 51.9 million euros year ago .Says intends to exclusively focus on the management of the company's current portfolio, not foreseeing diversification in its activities nor relevant investments.  Full Article

Pharol to resume trading at 0900 GMT after suspension on Oi woes
Wednesday, 22 Jun 2016 

Pharol SGPS SA : CMVM market regulator lifts suspension on trading in Pharol, which it imposed on Tuesday after Brazil's telecoms firm Oi filed for bankruptcy protection. Pharol holds a 22.5 percent stake in Oi. . Euronext Lisbon says trading to resume at 10 a.m. (0900 GMT) . Shares of Oi SA tumbled over 20 percent on Tuesday after the carrier filed for Brazil's biggest-ever bankruptcy, triggering a legal process likely to drag investors, lenders and service providers through months of uncertainty. [nL1N19D0VD] . Pharol is the successor of Portugal Telecom after its operating assets were first transferred to Oi and then sold to Altice . . Pharol has few other assets aside from the Oi stake and traders expect its shares to suffer similar losses, as Pharol's stake is at best likely to be significantly diluted in the legal process, or lost in the worst-case scenario. Further company coverage: [PHRA.LS] (Lisbon Newsroom) ((Reuters messaging rm://andrei.khalip.thomsonreuters.com@reuters.net)).  Full Article

Pharol says to defend value of shareholding in Oi
Wednesday, 22 Jun 2016 

Pharol SGPS SA : Said on Tuesday that its unit Oi SA, as well as Oi Movel SA, Telemar Norte Leste SA, Copart 4 Participacoes SA, Copart 5 Participacoes SA, Portugal Telecom International Finance BV, and Oi Brasil Holdings Cooperatief UA, filed a request on June 20 for judicial reorganization of the Oi companies with the Court of the State of Rio de Janeiro . There are no expected alterations to the management or staff structure of the Oi companies during the judicial reorganization process, and if the request is accepted, all labor obligations and benefits will be maintained . To continue to defend the value of its main asset-the participation of 27.2 percent of shares of Oi held directly and indirectly through subsidiaries to 100 percent-and to continue to follow closely the evolution of Oi during the judicial reorganization process .The request for judicial reorganization will be submitted to the general shareholders' meeting of Oi to be held on July 22.  Full Article

Fitch downgrades OI S.A.'s ratings to 'D'
Tuesday, 21 Jun 2016 

Oi Sa :Fitch downgrades OI S.A.'s ratings to 'D'; Downgrades reflect OI's filing for a request for judicial reorganization with court of Rio De Janeiro.  Full Article

S&P downgrades Oi SA to 'D' from 'CCC-'
Tuesday, 21 Jun 2016 

: S&P downgrades Oi SA to 'D' from 'CCC-' following announcement of judicial reorganization filing .S&P - Recovery ratings on Oi's rated debt remain unchanged at '4', indicating expectation for average recovery following a default.  Full Article

Pharol Q1 net loss widens to 66 million euros
Tuesday, 31 May 2016 

Pharol SGPS SA : Reported on Monday Q1 net loss widens to 65.9 million euros ($73.3 million) versus loss of 43.0 million euros year ago . Q1 EBITDA loss of 1.5 million versus loss of 4.0 million euros year ago . Says result is mainly influenced by the effective participation in Oi's net losses of 64.1 million euros and cancellation of 10 percent of the value of a call option on Oi .Says reduced its operational costs by 63 percent compared to Q1 2015.  Full Article

Pharol becomes indirect shareholder of Oi
Friday, 20 May 2016 

Oi SA : Said on Thursday that due to the corporate reorganization the 8.61 percent stake in the company held by Pharol had been passed on to Bratel BV . Pharol is no longer a direct shareholder of Oi .After the operation, 22.24 percent stake in the company is held directly by Bratel and indirectly by Pharol.  Full Article


Brazil's Oi does not see imminent M&A, focused on recovery plan, revenue

SAO PAULO Brazilian telecom company Oi SA is not focused on being acquired in the short-term, a top executive said, in an apparent change of tune for the nation's largest fixed line operator.