January 9, 2019 / 11:10 AM / 11 days ago

Brazil's Oi and Pharol subsidiary agree to end legal disputes

SAO PAULO, Jan 9 (Reuters) - Oi SA has agreed with a subsidiary of shareholder Pharol SGPS S.A. to end all legal disputes involving the parties, the Brazilian telecom group said in a securities filing on Wednesday.

Oi, which in December of 2017 received creditors’ consent to restructure about 65 billion reais ($17.51 billion) of debt, said it will pay 25 million euros to Pharol as part of the settlement.

The agreement also foresees that Pharol participates in the carrier’s capitalization efforts, investing at least 25 million euros, the filing said. (Reporting by Ana Mano; editing by Jason Neely)

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