• February 2011
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Silvio Santos PROER is Answered

My subscription to Relatório Reservado has finally lapsed, but with the merger between TAM of Brazil and LAN of Chilw, orher moves are afoot in the regional airline industry, the Rio rumor sheet says.

The Constantino clan is looking hard at a privatization of TAP. And  Gol is looking to get into the game. It cannot be seen as a response, albeit a modest one, against the porposed merger of TAM e Lan. The plans are heavily guarded and only disucssed at 20,0000, or so says a ranking source with ties to the Gol board ….

After stoutly supported the  Dilma candidacy among the empresariate, Néné has held high level meetings on the aviation sector … aftere getting out of jail again on weapons charges.

But wait, I take that back. My modest little broadsheet is still faithfully arriving, bringing news this noon hour that the the obscenely overprice luxury retailer Daslu is ready to declare bankruptcy and negotiate its debts;

The future of Daslu is reaching a turning point.. In late February, the company will hand its plan to creditors and its plan for judicial reorganization. In play are debts on the high side of R$100 million. A decision to forgive the debt is a sine qua non for for Daslu.

The question now seems to be whether Eliane “I am a victim of political persecution” Tranchiae will stay on board.


Strong contenders for the firm are Marcus Eliat of Parmalat — look how that turned out — and Grupo JHSF — what we would call a REIT. .

OI, a major player in digital convergence, will indemnify Bahian consumers with R$ 100 million for shitty service, notes the AE..

SALVADOR – The outage that hit fixed line and mobile telephones and internet connectivity of Oi after a file at the firm’s central operation center in Salvador,on December, will cost the company R$ 100 million paid to consumers in the state..

My NET-Virtua internet went down 9 times yesterday after Electropaulo transformers, as usual, EXPLODED APOCALYPTICALLY.

A settlement signed by Oi and the Secretary of Justice and Human Rights of  Bahia, provided a set of benefits to users, ranging from exemption from usage fees during outages to, 30 bonus minutes for  3,196,590 prepaid plan uses in the state,, as well as a month of discount for 194,990 post-paid customers. The parties also agreed to prorate and discount up to three months of the fees paid by 25,962 fixed-line internet and 11,974 Velox broadband users affected by the outage..

Silvio Santos, the legendary TV network owner and personality, has found his white knight, the Estado de S. Paulo says — a PROER, or Programa de Estímulo à Reestruturação, bank by BTG Pactual.

The private PROER will keep Banco Panamaricano out of bankruptc and allow Silvio Santos to told onto his assets. Last night, BTG Pactual bought Santos’ share in Panamericano for R$ 450 billion.  Silvio used the money to service R$ 4 billion in debt with the Fundo Garantidor de Crédito (FGC) and cover shortfalls at the bank. The FGC will hold onto the remainder in the name of national financial stability..

Silvio was smiling last evening, not least because he had held onto his najor asseta  including  SBT and the Jequiti cosmetics company. On the other hand, he loses the only back he still controls

The mechanics of the deal were as follows: Silvio received, not cash, but notes receivables from  BTG and its chairman André Esteves, worth R$ 450 million. It transfered these securities to the FGC and liquidated its debt from ownership of Panamericano.  BTG must now define when it will repay the FGC.BTG has until 2928 to do so, at 13% per yer. If it takes all the time afforded it, it will have pid the FGCC R$ 3.8 billion.

But  BTG can pay the principal whenever it likes. paid tomorrow, it would be liable for R$ 450 million. In that case,  FGC would lose some $ 3,5 billion.

My wife’s response is “What are people going to do without the Baú de Felicidade?” — an enormously popular game show.