Brief: Pharol seeks to keep high stake in Oi in restructuring -CEO

Pharol SGPS SA

12/10/2017 17:39

Oct 12 (Reuters) - CEO of Portugal's Pharol SGPS  PHRA.LS , 
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. 
 urn:newsml:reuters.com:*:nL2N1MM2JPFurther company coverage:  PHRA.LS  
 
 
 (Reporting by Daniel Alvarenga) 
 ((daniel.alvarenga@thomsonreuters.com;))