BRIEF-Pharol says to defend value of shareholding in Oi

miércoles 22 de junio de 2016 02:09 GYT

June 22 (Reuters) - Pharol SGPS SA :

* Said on Tuesday that its unit Oi SA, as well as Oi Movel SA, Telemar Norte Leste SA, Copart 4 Participacoes SA, Copart 5 Participacoes SA, Portugal Telecom International Finance BV, and Oi Brasil Holdings Cooperatief UA, filed a request on June 20 for judicial reorganization of the Oi companies with the Court of the State of Rio de Janeiro

* There are no expected alterations to the management or staff structure of the Oi companies during the judicial reorganization process, and if the request is accepted, all labor obligations and benefits will be maintained

* To continue to defend the value of its main asset-the participation of 27.2 percent of shares of Oi held directly and indirectly through subsidiaries to 100 percent-and to continue to follow closely the evolution of Oi during the judicial reorganization process

* The request for judicial reorganization will be submitted to the general shareholders' meeting of Oi to be held on July 22

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(Gdynia Newsroom)