PT 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.  

Hatte 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.  

noch mal was rausgefischt ECONOMY
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
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 (www.recjud­.com.br).

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.­
http://exp­resso.sapo­.pt/econom­ia/...a-ma­nifestar-i­nteresse-n­um-acordo  

da 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.
https://ec­o.pt/2018/­02/07/...o­-para-devo­lucao-a-cr­edores-da-­oi-ajuda/  

mh FEBRUARY 7, 2018 / 6:59 PM / UPDATED AN HOUR AGO
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  

Oi shareholders agree to file sui against CEO and CFO

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.­
http://www­.valor.com­.br/intern­ational/ne­ws/...chie­f-executiv­e-and-cfo  

Aktuell 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.  

PT 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  

Die 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.  

Mein Wunschszenario! Bodenbildu­ng und Ausbruch nach Norden.  

learner... 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...  

Pharos 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.  

2/14/2018 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

Meeting
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.
http://www­.valor.com­.br/empres­as/5322271­/...aldado­-e-seguro-­afirma-oi

 

schon 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...  

Ich 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!­  

learner: 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...  

das 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]
http://www­.gazetadop­ovo.com.br­/economia/­...-06tezn­wnn8hq8tmv­7wkxn6d8p

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.
EXPERIMENT­E POR R$ 0,99 NO 1º MÊS
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.  

große 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.  

Schöner 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.  

Justice 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."
https://ww­w.portugal­digital.co­m.br/...oi­-escolham-­forma-de-p­agamento/
 

Endlich 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.  

beim kurs merkt man nix https://ww­w.jornalde­negocios.p­t/empresas­/...-aumen­to-de-capi­tal-da-oi

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.


 

in der zwischenzeit läuft wohl aber der recovery p lan.

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.
http://www­.valor.com­.br/empres­as/5365723­/...s-para­-aumento-d­e-capital  

Lustige 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.  

In 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.
Lusa
11:38
https://ec­o.pt/2018/­03/07/...r­ol-oi-tem-­dois-dias-­para-se-pr­onunciar/

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.