Espirito Santo Financiere makes latest controlled management request

By Caroline Salls

Pittsburgh, Aug. 4 – Espirito Santo Financial Group SA fully owned subsidiary Espirito Santo Financiere made a controlled management request in the Luxembourg courts, according to a news release.

The request was made following Espirito Santo Financiere’s conclusion that it is unable to meet its obligations under its commercial paper program and obligations associated with the company’s other debt obligations.

After an investigative judge is appointed, any subsequent enforcement proceedings or acts will be stayed.

Controlled management is available where there is a perspective for the business of a company that is currently experiencing difficulties and unable to face its obligations to be restructured or where there procedure would facilitate an orderly realization of the assets in the best interests of all creditors.

Espirito Santo Financiere is the fourth Espirito Santo entity to make a controlled management request in recent weeks, joining Espirito Santo Financial Group, Espirito Santo International SA and Rioforte SA.

Espirito Santo is a Lisbon, Portugal-based financial services company.

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