Espirito Santo Financial Requests Protection From Creditors
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Espirito Santo Financial Group SA, the owner of a 20 percent stake in Portuguese lender Banco Espirito Santo SA, is seeking protection from creditors under Luxembourg law as it’s unable to pay all its debts.
Espirito Santo Financial Group, or ESFG, made the request after concluding it’s “unable to meet its obligations under its commercial paper program and obligations associated with the company’s standalone debt obligations,” the Luxembourg-based company said in a regulatory filing.