Pharol of measures with a significant drop after application for recovery of Hi – publico

 
         

                 

                         
                     

                         

                 

 
 

The Securities Market Commission (CMVM) announced Wednesday the lifting of the suspension of trading of the shares of Pharol, the company that owns a stake in Brazilian operator Hi, this week put forward a request for bankruptcy protection on claims of around EUR 17 billion.

on the return to trading at around 10 am this morning, the price of holding fell steeply, with a decline of about 40%. The securities came to 7.5 cents with investors to divest itself of the shares after known the recovery process initiated by Hi, which is the sole asset of the Portuguese holding. By 12:20, the value of securities was 8.8 cents.

In a statement on its website, the CMVM discloses have decided to lift the suspension of trading of the shares of Pharol “because they terminated the reasons justifying the suspension. “

on Tuesday morning, after being known the request of Hi to the Brazilian justice, the capital market supervisor suspended shares Pharol, but also the retail bonds the old PT, which were transferred to Hi and falling due on the 26th of July. The CMVM wanted more information Pharol, which is the main shareholder of Hi, as to what can expect the small bondholders in terms of this sum payment plan, which around EUR 230 million.

Pharol shares closed on Monday to be worth 12.8 cents, down 4.47% from the previous session, after reaching a low of 12.2 cents in late May.

However, the major rating agencies have returned to download Hi rating. the long-term rating in local and foreign currency decreased from C to D, the lowest rating from Fitch, which is high risk investment for investors.

According to Fitch, the change note results from the bankruptcy order to try to maintain business continuity
Standard & amp.; Poor’s (S & P) also lowered the rating of CCC Hi to D (speculative level). The agency also found that the chances of creditors to recover the funds invested in the company in the event of a moratorium, goes from 30% to 50%, but is closer to the lower end of this range.

Moody’s was the only one of three major who did not establish the lowest category for Hi, but lowered the grade of Caa1 operator for C. With Lusa