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Oi announced on Friday that there were no demonstrations contrary to the approval of the Administrative Council of Economic Defense (CADE) regarding the capital increase of the l & # 39; Brazilian operator, reason why the process was "concluded and classified".
On June 19, the CADE, equivalent to the Portuguese Competition Authority, approved the request of the Brazilian telecommunications operator Oi regarding its capital increase, a process already approved by the regulator of telecommunications of the country.
informs its shareholders and the market in general that it has become aware of the non-respect of the deadline for making statements contrary to the order issued by the Administrative Council of Economic Defense which has followed up the Oi's request not to know the capital increase by capitalizing a portion of unsecured claims of creditors.
"with the complete confirmation of said decision, the CADE procedure was concluded and filed, and all the conditions set out in the capital increase plan were duly verified or waived," adds L & # 39; operator with Portuguese. According to Oi, this capital increase will be carried out by issuing 1,039,868,479 to 1,756,054,163 new shares, at the price of seven reais (€ 1.60) per share. with a total capitalization amount of credits of at least R $ 7,279,079,353.00 (1.6 billion euros) and a maximum of R $ 12,292,379,141.00 (2.8 billion [19659002AspartofthistransactionOi'screditorshaveuntilJuly16toexercisepre-emptionrightsoverthesharesissued
Oi has been following a process of judicial reorganization since 2016 with the aim of reduce the liabilities of the company, about 65.4 billion euros (about 16 billion euros).
The plan of receivership proposes to reduce the liabilities of the company by the conversion of 72 , 12% of the debt borne by companies.
Pharol is a reference shareholder of Oi, with 27% of shares, a percentage that should decline with the conversion of credits.
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