Holding Company Of Portugal’s 2nd Largest Bank Just Filed For Bankruptcy Protection

–  Holding Company Of Portugal’s 2nd Largest Bank Just Filed For Bankruptcy Protection (ZeroHedge, July 18, 2014):

Following this morning’s farce of huge investor demand and then Bank of Portugal’s Costa ‘hoping’ for demand from investors willing to pile more money on losing money into Espirito Santo, it appears things have escalated rapidly…

*ESPIRITO SANTO INTERNATIONAL SAYS IT CAN’T MEET OBLIGATIONS
*ES INTERNATIONAL APPLIES FOR `CONTROLLED MANAGEMENT’ REGIME UNDER LUXEMBOURG LAW

The “controlled management” application is the equivalent of declaring a breakup or controlled bankruptcy process (as we explained here). ESI is the ultimate HoldCo in the Banco Espirito Santo family.

 

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