Société Anonyme
Registered Office: 22/24 boulevard Royal, L-2449 Luxembourg
R.C.S. Luxembourg B 22.232
ESPÍRITO SANTO FINANCIAL GROUP S.A. ANNOUNCES REQUEST FOR CONTROLLED MANAGEMENT UNDER LUXEMBOURG LAW FOR ESFILLuxembourg/Portugal - 1 August 2014 - Espírito Santo Financial Group S.A. ("The Company") (NYSE Euronext Lisbon: ESF;; Bloomberg: ESF PL;; Reuters ESF LS) informs on request for Controlled Management under Luxembourg law by ESFIL.
ESFIL - Espírito Santo Financière, a fully owned subsidiary of ESFG, has requested the Luxembourg Courts for controlled management ('Gestion Contrôlée) following the ESFIL's' conclusion that it is unable to meet its obligations under its commercial paper programme and obligations associated with the Company's other debt obligations.
(Gestion Contrôlée is available in circumstances where there is a perspective for the business of each company, which is momentarily in difficulties and unable to face its obligations, to be restructured or where such a procedure would facilitate an orderly realisation of the assets in the best interests of all creditors.)
As from the day of the appointment of the investigating Judge, following the ruling, any subsequent enforcement proceedings or acts, even those initiated by privileged creditors (including creditors who have the benefit of guarantees and, subject to exceptions, pledges) are stayed.
###
The Espírito Santo Financial Group provides, through its subsidiaries, a global and diversified range of
financial services to its clients including Commercial banking, Insurance, Investment banking, Stockbrokerage and Asset management in
Portugal and internationally. For additional information on Espírito
Santo Financial Group, its subsidiaries, operations and results, please visit the Company's website on
www.esfg.com
distributed by |