Luxembourg only decides on controlled management of Forte Rio after the OPA ES Health
A decision on whether the company Forte Rio, Espírito Santo Group , will be under a regime that will protect creditors, was delayed from 6 to 17 October.
The Luxembourg justice will not decide, since, on the request input d Forte Rio, a company of Grupo Espirito Santo, identical to a creditor protection regime. The final decision will be communicated on 17 October.
The Express moved the court of the Luxembourg trade will only decide on 17 October, information that Forte Rio confirmed to Business. The date always pointed to the release of the decision in which justice would say that the Forte Rio enters or not “Gestion Contrôlée” was October 6. The Forte Rio unaware of the reasons for the postponement. Unable to contact the Luxembourg judicial administration.
The Forte Rio is the company that is at the head of the non-financial sector of the Espírito Santo Group, being the owner of the positions in companies such as the Holy Spirit Travel, Tivoli and Holy Spirit Health. requested entry into controlled management in July. hotels
“The submission of this request is related to substantial difficulties in the company which owns 100% of its capital, Espírito Santo International SA (“ESI”) – which presented an application of a similar nature on the 18th of July “, then the company said. “Rioforte is unable to fulfill the obligations of certain debts whose maturity has occurred since July 9, 2014 and which matured after July 16, 2014,” added the company has, among lenders in Portugal Telecom.
The court accepted that the application was examined and determined that the judge Anick Wolff did a report on the situation. Entering this regime, there is a controlled negotiation with creditors to disposals of assets.
A decision on the Fort River should be submitted within two weeks and in the meantime, will complete the takeover bid on one of their companies.
The Holy Spirit Health, 51% owned by Holy Spirit Health Care Investments which, in turn, has 55% of its capital in the hands of Forte Rio, is the target of a takeover bid by 10 October. Faithfulness proposed to buy all the company’s capital but for the operation to succeed this position of 51% has to be sold.
For Sale of Holy Spirit Travel, announced this week with the sale to Swiss Springwater, the Forte Rio indicated that the transaction “was properly examined and approved by the Court of Commerce of Luxembourg.”
This Friday, it was learned that the Luxembourg judicial authorities rejected requests for entry management subsidiary of Espírito Santo Financial Group and Financière Holy Spirit. It remains to be known when the decision against the Holy Spirit International.
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