LISBON, July 16 Portugal Telecom said
on Wednesday that Rioforte, a holding company owned by the
Espirito Santo family, has not repaid it 847 million euros in
commercial paper which has led to new terms of its tie-up with
Brazil's Grupo Oi.
The non-payment has led Portugal Telecom and Brazil's Grupo
Oi to sign a new agreement of their proposed tie-up, which will
give PT a smaller stake in their new, joint company, CorpCo.
Portugal Telecom and Oi "remain committed to the full
completion of their business combination and have signed a new
memorandum of understanding," PT said in a statement.
"The MOU has been signed following the non-repayment today
by Rioforte, a company of the Grupo Espirito Santo, of the 847
euro million matured portion of the outstanding 897 euro million
treasury applications subscribed by the PT group," it said.
(Reporting By Axel Bugge, editing by William Hardy)