Subsequent to the rejection by the Luxembourg District Court
sitting in commercial matters of ESPIRITO SANTO FINANCIAL GROUP
S.A. (ESFG) and ESPIRITO SANTO FINANCIERE S.A. (ESFIL) applications
for controlled management on last Friday, 3 October 2014, both
entities filed for bankruptcy according to an ESFG press release of
today.
In this press release, ESFG and ESFIL expect the said Court to
have bankruptcy orders passed and receivers appointed still this
week. We are however of the opinion that if the application might
be heard tomorrow the Court's decision will likely not be
available prior to expiry of the period for creditors to appeal the
verdicts of 3rd October that runs in principle until close of
business of next Monday 13 October 2014.
