Oi SA (OIBR4.SA) Key Developments | Reuters.com
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OIBR4.SA on Sao Paolo Stock Exchange

28 Jun 2016
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Latest Key Developments (Source: Significant Developments)

Pharol to resume trading at 0900 GMT after suspension on Oi woes
Wednesday, 22 Jun 2016 04:28am EDT 

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 02:09am EDT 

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 12:11pm EDT 

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 11:48am EDT 

: 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 02:24am EDT 

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 07:34am EDT 

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

Standard & Poor's downgrades Oi SA's rating; outlook is negative
Friday, 11 Mar 2016 06:27am EST 

Oi SA:Says Standard & Poor's has downgraded the company's long-term rating in the global scale to CCC from B+ and in the national scale to brCCC from brBBB-.Outlook is negative.  Full Article

BTG Pactual Asset Management SA DTVM reduces its stake in Oi SA
Thursday, 3 Mar 2016 03:38pm EST 

Oi SA:Says that investment funds managed by BTG Pactual Asset Management SA DTVM have reduced their shareholding interest in the company to less than 5 percent of its common stock, from 7.54 percent that corresponded to 50.4 million common shares.  Full Article

Moody's downgrades Oi SA to Caa1; outlook negative
Tuesday, 1 Mar 2016 06:44am EST 

Oi SA:Says thai Moody's downgrades its long-term rating in the global scale to Caa1 from Ba3.Outlook is negative.  Full Article

Oi SA - Brazil to probe Oi-Portugal Telecom merger, Valor says - Reuters
Tuesday, 2 Feb 2016 04:50am EST 

Oi SA:Brazil's securities industry watchdog is poised to launch an investigation into Oi SA's acquisition of Portugal Telecom SGPS SA, on suspicion that key shareholders in both companies were aware of irregularities surrounding the deal, newspaper Valor Econômico said on Tuesday. - RTRS.The watchdog, known as CVM, will look into whether Oi's and Portugal Telecom's controlling shareholders might have known ahead of time about potential losses in Portugal Telecom that ended up souring the transaction, Valor said, citing a document. - RTRS.CVM will also investigate the sale of the advertising arm of IG, an Internet company controlled by six Oi shareholders, to Portugal Telecom stakeholder Ongoing, Valor reported. - RTRS.The media offices of Oi and CVM did not immediately respond to emails seeking comments. Portugal Telecom in 2014 invested nearly 900 million euros ($982 million) in commercial paper issued by bankrupt Rioforte Investimentos holding company of the Espirito Santo family, a key shareholder. - RTRS.Rioforte defaulted on the loans, leading to a revision of the merger terms between Portugal Telecom and Oi OIBR3.SA. - RTRS.Early in 2015, an investigation into Portugal Telecom's financial investments led Portugal's prosecutor general to search the company on suspicion of fraud. - RTRS.  Full Article

UPDATE 1-Aurelius unit seeks bankruptcy of Netherlands-based Oi subsidiary

SAO PAULO, June 27 A unit of distressed debt firm Aurelius Capital Management LP asked a Dutch court on Monday to start bankruptcy proceedings against a Netherlands subsidiary of phone company Oi SA, which last week filed Brazil's largest-ever bankruptcy protection request.