Pharol now only expects to recover 9,56% of the investment in Rio Forte – Jornal de Negócios – Portugal

The Pharol already only expect to recover less than 10% of the investment of 897 million euros made by the old PT in Rio Forte. In total, according to the estimates presented by the company led by Luís Palha da Silva, the company calculates reaver 9,56% of the investment made, that is, 85,75 million euros.

The previous forecasts and the company projected a recovery of 15% of the value. The downward revision forced now to register a loss of 48.8 million euros in the accounts of the third quarter by the value that already do not expect to receive the financial application is made on the debt of the company of the Espirito Santo Group.

“In the sequence of statements of the Judicial Administrators, who reported in their last press release that it cannot be excluded that the seizure of the goods required by the Public Prosecutor to prevent prolonged, or even definitely, your recovery and distribution to creditors, the amount of the expected recovery of the debt instrument River Fort was revised and reduced to 9,56% of the nominal value,” reads the announcement.

The recognition was made in September, after the administrators of insolvency have recognized that the goods attached to the Espírito Santo International and Rioforte, in the framework of the judicial investigations underway, including Portugal, may never return to the companies in the group the Holy Spirit, there is a risk of not being used in payment to the creditors of these companies.

The negative impact of the reduction of the expectation of recovery is also reflected in the numbers obtained for the net income up to September, which was a negative 56.1 million euros, still less than half of the losses recorded in the first nine months of last year to 137 million euros.

In virtue of the investment made in the company before the collapse of the universe, the Holy Spirit, the debt instruments of the River Fort have been concentrated in the Pharol and the company that resulted from the old PT now holds a purchase option on the shares of the brazilian Oi.

In January the Pharol decided to prosecute three ex-directors of PT, Zeinal Bava, Henrique Granadeiro and Pacheco de Melo, for not having taken to the board of directors the realization of applications in debt instruments of the GES, the processes valued at € 54.9 million. Already the auditors Deloitte, the company requests a compensation corresponding to the difference between the 897 million invested and the value that the Pharol be able to receive in the context of the insolvency of the Rioforte.

In September the Pharol agreed to pay a fine in the amount of 1.25 million dollars, applied by the regulator of the north-american Securities and Exchange Commission (SEC) because of to the faults detected in the disclosure of information relating to the exposure of the telecommunications company to GES.

applications of PT in the universe the Holy Spirit date back to 2001 but is in the end of June 2014, the two months of the collapse of BES, that it is known that the exposure of 897 million euros, after that year have been given an order to transfer the applications in the ES International for commercial paper of Rioforte. This vehicle GES would later go into default.

The actions of the Pharol ended the day falling by 1.1% to 0,179 euro.

(News updated at 18:51 with more information)