Pharol and Société Mondiale next restructuring agreement for Hi
The agreement, which may involve other shareholders, may put an end to the legal dispute surrounding the Brazilian operator . The Bloomberg advances already on Monday will undergo a restructuring plan in court.
September 3rd, 2016 • Business
Business Journal
Two of the major shareholders of Hi – the Pharol and Société Mondiale – will be close to reaching agreement on a recovery plan for the Brazilian operator. According to the advanced news in the early hours of Saturday by Bloomberg, the agreement is likely to be announced should establish the share of the company’s management between the two shareholders.
Citing sources close to the process who declined to be identified , the news agency anticipates that the Hi will present next Monday, September 5, a restructuring plan with the court responsible for the bankruptcy of the company.
the same sources report that Société Mondiale, the Brazilian businessman Nelson Tanure, must also reach an agreement to end the legal dispute with the Portuguese Pharol (led by Luís Palha da Silva, pictured), an understanding that may involve other shareholders.
a news arrived a few hours later of the Brazilian courts have decided to suspend the general meeting of Hi, requested by the Societé Mondiale to be held on June 8, in which the shareholder demanded the replacement of some administrators Hi, notably Pharol (largest shareholder of the operator with 22 7% of capital) and legal action against the former PT SGPS and some of its managers.
the decision of the 7 th Corporate Court of the Court of Rio de Janeiro, known on Friday and followed up request made by the Brazilian Public Ministry, also makes provision for a period of 20 days to try to mediate between the parties.
Source Pharol told Bloomberg that has not yet reached an agreement. Both Hi and Société Mondiale declined to make statements to the news agency.
On the basis of the processes suggested by Société Mondiale (third largest shareholder, with 6.3%) are alleged “offenses against the Hi, and its wholly owned subsidiary , Bratel BV to repair all damages caused to the company due to the illicit perpetrated by Pharol when the payment of the shares subscribed under the Public Offering closed on 05.06.2014. “
Pharol ended the session this Friday -feira to value 0.53% to 0.191 euros in Lisbon. Hi already appreciated 5.33% in São Paulo, to 3.95 reais
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