UPDATE 1-Pharol, Société Mondiale end dispute over Brazil's Oi, sources say

martes 13 de septiembre de 2016 19:07 GYT
 

(Recasts adds Pharol statement, details, background throughout)

By Guillermo Parra-Bernal and Tatiana Bautzer

SAO PAULO, Sept 13 (Reuters) - The top two shareholders in Oi SA have agreed to end their dispute over the future of Brazil's largest fixed-line carrier, which is mired in a protracted bankruptcy protection process, two people briefed on the matter said on Tuesday.

Under terms of the accord, Pharol SGPS SA, Oi's biggest shareholder, and Brazilian investor Nelson Tanure of investment fund Société Mondiale FIA will devise and discuss strategies aimed at helping pull Oi from creditor protection, said the first person.

The accord, which was approved by the judge overseeing Oi's bankruptcy protection process in Rio de Janeiro, also calls on Pharol to endorse the appointment of Société Mondiale-backed Hélio Costa and Demian Fiocca as Oi board members, the sources said. The number of Société Mondiale's alternate board members was raised to four under the accord from the current two, they said.

Pharol, in a statement sent to Reuters, said that "it has presented terms of an accord of understanding with Société Mondiale" as a way to "overcome the bankruptcy protection process." The Portuguese company declined to elaborate on the terms.

Société Mondiale declined to comment.

The sources said the push by Pharol and Tanure to find common ground came after government officials pledged to keep their distance when Oi filed for creditor protection in June as talks to restructure 65.4 billion reais ($20 billion) in debt collapsed. A less litigious relation between both partners could pave the way for more proactive talks with creditors, the first person said.

"This is an encouraging sign that Oi could have brighter days ahead," said the individual. Both sources requested anonymity because of the sensitivity of the matter.   Continuación...