January 10, 2019 |
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
Brazilian telecom agrees to pay $29m and transfer 34m shares to its Portuguese shareholder