Oi settles Pharol dispute

Oi settles Pharol dispute

Debt Corporate & Sovereign Strategy Telecoms Brazil

Brazil's said it has settled a legal dispute with Bratel, a subsidiary of Portuguese telecommunications company Pharol, by paying €25m ($28.9m) and transferring 33.8m shares. Pharol, in turn, has agreed to invest at least €25m in Oi as part of the Brazilian telecom's restructuring plan. It has also allowed Oi to name a member to Pharol's board of directors. Most of Oi's shareholders accepted equity stakes in the company as payments for outstanding debts in March last year, but Pharol opposed the

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