@Santander: Danke für deinen Optimismus, aber mehr als 3 Cent Dividende werdens nicht werden meiner Meinung nach...damit wäre ich schon mehr als glücklich.
hab einen interessanten Beitrag gefunden, der zum Nachdenken anregt, es geht um einen Schwenk des Managements von OI, wohl aufgrund des steigenden Drucks von Anatel, die festgefahrenen Verhandlungen weiter zu bringen:
Oi plans capital increase as it seeks agreement with creditors
By Graziella Valenti | São Paulo
Oi decided to start talks for a capital increase that could bring new money into the embattled telecommunications company. “We consider such conversations possible, as long as the money goes to the company and not the creditors,” Oi CEO Marcos Schroeder told Valor.
Marco Schroeder
The executive sees the model as having the potential to unite all stakeholders around a solution. “There is not the possibility of creditors and shareholders not reaching an agreement, and we will make discussions viable toward a possible equation to unlock the process.”
That is a big shift in Oi’s position, with potential to alter the new terms for the recovery plan, which the board approved on the 22nd. The executive decided to speak to show that talks for a solution heated up.
The amounts under consideration range from $2 billion to $3 billion, coinciding with the stated offerings of potential investors, Valor has learned from people familiar with the talks. Asked whether such an injection is viable, Mr. Schroeder declined to comment on the amounts.
Oi filed for bankruptcy protection last June, citing R$65 billion in debts to 66,000 creditors. The total includes R$48 billion in financial obligations with foreign bondholders, Brazilian and foreign banks, and development lenders.
Mr. Schroeder's message is music for the government's ears after officials issued growing signals they could intervene in Oi.
The mood worsened after the plan pushed by the controlling shareholders – Pharol and Nelson Tanure – was far from the terms creditors consider reasonable. Bondholders owed R$32 billion rejected the proposal, as well as the creditor banks.
Together, Pharol and Tanure hold 28% of the total equity and 7 of Oi’s 11 board directors — but they don’t have any formal agreement.
Under the bankruptcy reorganization, the capital injection would take place after finding a solution for the company's debts. For that, the plan submitted to the creditors already would provide for a capital increase, including the terms and total volume. It would also be previously established that the money would not be used to pay debts.
The capitalization has potential of significantly changing the shareholding base of Oi and, this way, the company’s governance.
Until ten days ago, Mr. Schroeder was firmly saying that it would be better if those interested in Oi joined the company after the bankruptcy reorganization. For him, adding one party in the negotiation would bring further complications to the process.
But he started considering new money as part of the solution, after several players indicated they would welcome such measure — including creditor banks and the government. The National Telecommunications Agency (Anatel) has always warned to the importance of the company resuming its capacity to invest.
The change is also due to several signs of investors willing to inject capital in the company, including Mr. Tanure himself and Pharol.
Mr. Schroeder said it would be important that, in this situation, the new shares be priced competitively, to attract investors — the closer to the price on the stock market, the higher the chance of success.
The company has definitely entered the radar of foreign funds dedicated to high-yield assets. Some are decided to act in the process, Valor has learned, and began seeking contact with the company. They are interested in building a way out, given the concern with state intervention, and sent representatives to Brazil for talks and visits.
Mr. Schroeder’s model is different from what the interested funds intended — Elliott Capital Management, Cerberus and RK Partners, and Naguib Sawiris in partnership with creditors represented by Moelis. Their intention was to put money under the court restructuring proceeding, to share the cost with creditors and pay more cheaply for their stakes. But Mr. Schroeder said he defends what is best for the company.
Even without having this model as ideal, some of those potential investors have already indicated to the company their willingness to talk. Depending on the market situation, Mr. Schroeder doesn’t rule out a capital increase even without firm guarantee of one of those funds.
The CEO wants to call a creditors meeting as soon as possible. He said the proximity to the deadline would bring all to the table. He thought viable to call a meeting for the third quarter. The recent replacement of Oi's court-appointed administrator – BDO Consultoria replaced PwC – on orders from the 7th Business Court of Rio de Janeiro, which is overseeing the process, is likely to delay the proceedings by 30 days. The procedures include delivering an updated list of creditors, followed by a 30-day deadline for any challenges. After that, a creditors' meeting would be called in 30 days.
Kapitalerhöhung klingt ja nicht besonders gut, es geht laut Pressemeldung um 2-3 Milliarden US$. Aber wohl doch besser als eine Übernahme der Kontrolle durch den Staat. Oder seh ich da was falsch? lg
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