■ PHAROL presented a Net loss for the period of Eur. 56.1M, mainly explained by: (a) operating expenses amounting to some Eur. 6.0M, (b) losses of Eur. 5.1M due to the decrease in value of the Call option, (c) loss of Eur. 48.7M with the reduction in the expected value of the Rio Forte debt instrument, and (d) net gain on investment in Oi of 4.9M.
■ PHAROL reduced its Operational Costs by 64% comparing with 9M2015, (Eur. 6.0M against Eur. 16.9M).
■ Following the declarations of the Judicial Administrators, who stated in their latest press release that they cannot rule out that the seizure of assets required by the Public Prosecutor’s Office may prolong or even definitively prevent the recoverability and distribution of assets to the creditors, the expected recoverable amount of the Rio Forte debt instrument was revised and reduced to 9.56% of its nominal value.