Luxembourg court declares bankruptcy on two Espirito Santo holdings

Oct 10 A Luxembourg court on Friday declared two holding companies of Portugal’s Espirito Santo family bankrupt.

The court this meant that the companies concerned, Espirito Santo Financial Group and its subsidiary Espirito Santo Financiere, had ceased payments and that they no longer had access to credit.

ESFG is Banco Espirito Santo’s largest shareholder, and is controlled by the bank’s founding Espirito Santo family.

Hoping to avoid a fire sale of assets, ESFG filed for creditor protection in July, before Banco Espirito Santo had to be rescued by the Portuguese state in early August due to its exposure to the debts of firms related to the family.

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