Rio Forte commercial paper cure period expires July 22 without payment

By Caroline Salls

Pittsburgh, July 23 – The cure period for payment of Rio Forte Investments SA’s commercial paper expired on July 22 without payment of the amount due, according to a news release from Oi SA.

As previously reported, €847 million of Rio Forte commercial paper matured and was not paid on July 16, triggering a seven-day cure period.

The Rio Forte commercial paper was the subject of investments currently held by PT Portugal SGPS, SA and Portugal Telecom International Finance BV.

Despite a previously reported memorandum of understanding entered into between Oi and Portugal Telecom SGPS, SA (PT SGPS), which provides for the transfer of the commercial paper to PT SGPS in exchange for an amount equal to 100% of its face value, Oi said its PT Portugal and Portugal Telecom International Finance BV subsidiaries will adopt all necessary measures for the collection of the commercial paper until the transfer of the commercial paper and take other acts necessary for the protection and defense of their interests.

Oi is a Rio de Janeiro-based integrated telecommunications service provider. Rio Forte Investments is the Sao Paolo, Brazil-based holding company of the Espírito Santo Group for its non-financial investments.

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