About 20 international funds that lost money on the end of the BES, asked the European Union to annul the resolution as applied to the bank, which may stop the sale of the New Bank, according to Bloomberg.
The plaintiffs want the General Court of the European Union (TGUE) annul the decision taken in August to split the bank into two institutions: the ‘bad bank’, which got 750 million in subordinated debt issued in November 2013, and the New Bank, who held the senior debt.
Holders of almost half of the debt issued by Banco Espírito Santo (BES) and placed in the ‘bad bank’ advanced with processes in TGUE ( an organ of the Court of Justice of the European Union), alleging that the BES resolution decision was made based on wrong information
The complainants -. among which are the BTG Pactual Brazilian group and the north -American Third Point – requested the opening of a formal investigation, reveals the news agency Bloomberg financial information
According to Bloomberg, the funds want to have a response from the court before the New Bank be sold..
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