Friday, November 25, 2016

SDC does not pay 20 million euros to the BCP – Jornal de Negócios – Portugal

THE SDC will not pay a debt of 20 million euros to the BCP. Or, in other words, Manuel Fine not paid to the bank of which was already a shareholder. There is non-compliance formal SDC Investments but the company controlled by the entrepreneur, and that has 33,33% of Soares da Costa construção, argues that there are no consequences. The justification is that the debt to the banks is yet to be renegotiated.

“THE SDC Investimentos, SGPS, S. A., a listed company, informs that it will not proceed to the reimbursement of your loan bond named “ISIN: PTSCOEOE0004 – Obligations to Grupo Soares da Costa 2007/2016″, in the amount of 20 million euros, which is due on the 28th of the current month of November,” notes the statement to the Market Commission (CMVM).

According to the same document, this issue is not in the hands of small investors: “this loan bond coated the modality of private subscription, having as the sole holder of the bonds, to Millennium BCP, being not these obligations are included in the market, or listed”. Namely, the bank chaired by Nuno Amado who is without receive 20 million euros on the date agreed to in 2007: the next Monday.

However, the value of this loan bond is to be renegotiated under the restructuring process of the passive banking” that the SDC has in the course. This process, indicates the press release of the company, “has evolved in a positive way, though this is not yet done”.


With this decision of non-payment of the debt, the company SDC – name inherited when it sold the majority of the capital of the area of the construction of the Soares da Costa to the entrepreneur angolan António Mosquito – enters formally in non-compliance

“However, in the face of the existence of this negotiating process, does not foresee any as a consequence of this non-compliance, getting your healing dependent on the specific solution of the said process, which is expected to occur in the short term”, explain in the press release.

The Business has already sought to get a reaction from the bank led by Nuno Amado to know a position on this non-compliance but has not yet received a reply.

BCP was too exposed

THE SDC Investimentos has a plan for the restructuring of its debt in the course. Between bank loans and bond loans, the SDC investment account with 205 million euros in non-current liabilities and 62 in current liabilities, according to the accounts of June 2016. The BCP, CGD, Crédito Agrícola, BPI, Banco Popular, the Banif and the New Bank are analysed in the framework agreement that the company has negotiated to restructure the debt.

the connection to The BCP on the part of the company is old. Fine was one of those involved in the war shareholder of the BCP that was part of the well-known as the “group of seven”, who wanted to dismiss the administrators linked to Jardim Gonçalves, the founder of the bank.

In 2007, when the entrepreneur was financed by the bank and gave as collateral the shares of the financial institution, where it came to have more than 2%, the Bank of Portugal gave orders to the BCP to reduce their exposure, according to a report at the time the Public newspaper.

Years later, Manuel Fino went on to lose their holdings in other companies: the cement factory Cimpor and Soares da Costa.

non-compliance occurs with Soares da Costa Construction PER

SDC Investments, which was the area of infrastructure concessions of the group, was this year to negotiate the sale of its participation from 33.33% in the construction. The negotiations fell to the ground when the Soares da Costa Construction entered in the special process of revitalization (PER) to protect yourself.

Also in the credits recognised by the Soares da Costa Construction the BCP assumes the position of second bank is more exposed 111,6 million euros through the CGD (179 million).

(News last updated at 12:38 with more information)

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