Holding Company Of Portugal's 2nd Largest Bank Just Filed For Bankruptcy Protection

Tyler Durden's picture




 

Following this morning's farce of huge investor demand and then Bank of Portugal's Costa 'hoping' for demand from investors willing to pile more money on losing money into Espirito Santo, it appears things have escalated rapidly...

  • *ESPIRITO SANTO INTERNATIONAL SAYS IT CAN'T MEET OBLIGATIONS
  • *ES INTERNATIONAL APPLIES FOR `CONTROLLED MANAGEMENT' REGIME
  • *ES INTERNATIONAL APPLIES FOR REGIME UNDER LUXEMBOURG LAW

The "controlled management" application is the equivalent of declaring a breakup or controlled bankruptcy process (as we explained here). ESI is the ultimate HoldCo in the Banco Espirito Santo family.

 

 

As Bloomberg reports,

Espirito Santo International, a holding company that’s part of Grupo Espirito Santo, requested to be placed under “controlled management” under Luxembourg law, co. says in statement.

 

ESI says can’t meet obligations, “due to a significant part of its debt maturing”: statement

 

“Once under this regime, all judicial actions by creditors are suspended to allow the implementation of an asset management and liquidation plan under a court’s control”: statement

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Fri, 07/18/2014 - 15:02 | 4974774 NoIdea
NoIdea's picture

Buy stocks, it's Friday!

Fri, 07/18/2014 - 15:03 | 4974788 DoChenRollingBearing
DoChenRollingBearing's picture

Tick, tock, tick, tock...

Tick, tock, tick, tock...

Fri, 07/18/2014 - 15:07 | 4974807 edotabin
edotabin's picture

tax--> print-->bailout-->bullish!!

Fri, 07/18/2014 - 15:10 | 4974822 blu
blu's picture

You would think the Portugese -- having watched the US do it for 6 years running -- would have figured it out by now.

Don't those guys watch Fox News? What's up over there?

Fri, 07/18/2014 - 15:14 | 4974849 Keyser
Keyser's picture

Don't imagine this will effect the US markets on feel-good friday after the mh-17 crash yesterday... 

 

Fri, 07/18/2014 - 15:16 | 4974861 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Unfortunately for the Portugese, the printing press sits in Belgium out of their control.

Fri, 07/18/2014 - 15:21 | 4974875 edotabin
edotabin's picture

Very well then....

Lagarde-->IMF--->Troika--->Bullish!!

 

Fri, 07/18/2014 - 15:26 | 4974916 blu
blu's picture

Like I've said before, piss always finds a way to run down hill. They just need to think creatively that's all.

Fri, 07/18/2014 - 15:55 | 4975059 magpie
magpie's picture

Your BS failed even in Galicia. Now their mentally ill cretins can outsmart your gifted genetically enhanced minions. My bad.

Fri, 07/18/2014 - 16:42 | 4975274 blu
blu's picture

Don't sweat it. No blood no foul, right? Galicia always went its own way. The minions should have learned that during the Napoleonic Wars.

Fri, 07/18/2014 - 15:13 | 4974837 Perfecthedge
Perfecthedge's picture

You have just published the Best Economic Handbook of the 21st century!  Good Sir you should receive the Peace Nobel Prize in Economics.

Sad enough, the masses will still not understand your simple explanation...

Fri, 07/18/2014 - 15:12 | 4974832 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Just bought some more silver.

Fri, 07/18/2014 - 15:34 | 4974962 Kaiser Sousa
Kaiser Sousa's picture

me 2.

Fri, 07/18/2014 - 15:37 | 4974972 Kaiser Sousa
Kaiser Sousa's picture

me 2.

Fri, 07/18/2014 - 15:38 | 4974983 DoChenRollingBearing
DoChenRollingBearing's picture

If I have time this afternoon (not much left!) I will try to do my bit and pick up a small gold coin.

Fri, 07/18/2014 - 15:30 | 4974944 williambanzai7
williambanzai7's picture

Fri, 07/18/2014 - 15:39 | 4974982 Proofreder
Proofreder's picture

Look, the canary is still tweeting ...

or maybe it's just stuffed and I'm hearing things.

Is that a Ka-ching or chirp-chirp - |/-_

Fri, 07/18/2014 - 18:21 | 4975577 silverserfer
silverserfer's picture

its Peetey! Pretty bird.. Pretty bird.

Fri, 07/18/2014 - 15:01 | 4974775 Pheonyte
Pheonyte's picture

After the markets close on a Friday, perfect timing.

Fri, 07/18/2014 - 15:17 | 4974856 IANAE
IANAE's picture

...when all the best high visibility BK are filed...

Fri, 07/18/2014 - 15:11 | 4974780 Dr. Engali
Dr. Engali's picture

They better hurry up with that war with Eastasia. This shits getting difficult to contain.

Fri, 07/18/2014 - 15:26 | 4974921 Thought Processor
Thought Processor's picture

 

 

My thoughts exactly.   

 

They're gonna need to ramp it up to 11 in order to sell a larger war to the public.  The propaganda shit show should turn epic now (not that it already wasn't).

Fri, 07/18/2014 - 15:42 | 4975004 Winston Churchill
Winston Churchill's picture

Nothing short of a false flag on the US mainland will do it, and

very soon to keep the momo going.

Fri, 07/18/2014 - 15:56 | 4975070 dracos_ghost
dracos_ghost's picture

Geez, was just talking about this with people at lunch. Wasn't Obammy worried about a nuclear attack on NYC recently? Foreshadow.

Fri, 07/18/2014 - 15:45 | 4975010 HardlyZero
HardlyZero's picture

Every sovereign will now rush to exit before Monday to beat Argentina.

The first will get favorable treatment.

Fri, 07/18/2014 - 15:32 | 4974927 Thought Processor
Thought Processor's picture

 

 

Dup.   

Fri, 07/18/2014 - 15:03 | 4974789 F0ster
F0ster's picture

3--2--1-- contagion

Fri, 07/18/2014 - 15:05 | 4974796 TrumpXVI
Fri, 07/18/2014 - 15:05 | 4974797 NOTaREALmerican
NOTaREALmerican's picture

Uh oh,  not Bank Failure Friday again!!   

Fri, 07/18/2014 - 15:05 | 4974798 orangegeek
orangegeek's picture

This is no problem.

 

Depositers will hand over what they have in their accounts for the bank to recover.

 

Problem solved.  Everyone is happy.

 

LMFAO!!!!!!   Fucking banksters!!!!!!!!!

Fri, 07/18/2014 - 15:09 | 4974804 yogibear
yogibear's picture

The PIIGS are coming apart again.

Greece Seen Needing Third Bailout as Bonds Insufficient

http://www.bloomberg.com/news/2014-07-17/greece-seen-in-third-bailout-as...

Of course we knew the problems were never fixed, just hidden. Not fixed until they are ousted from the Euro.

Fri, 07/18/2014 - 15:10 | 4974824 NOTaREALmerican
NOTaREALmerican's picture

Well, third times a charm.   I bet this next loan will propel them into "Keynsian" escape velocity for sure.

Fri, 07/18/2014 - 15:07 | 4974805 taraxias
taraxias's picture

Bullish!!!

Another reason to hold through the weekend. 

Fri, 07/18/2014 - 15:08 | 4974813 blu
blu's picture

Well that didn't take long.

I like how they handled it. Wham-bam-thank-you-madam. Not like here in the US where it takes at least 6 years and counting before anyone will fess up to being broke. Meaning, nobody here has actually managed it over that time.

We ought to send Jamie Dimon over there as part of a fact-finding mission to come back with a report of how they did it so quickly.

Fri, 07/18/2014 - 15:14 | 4974839 magpie
magpie's picture

How's the energy flow to "Horus" or was it Mauritius...those fuckers from the Netherlands all look and sound the same.

Fri, 07/18/2014 - 15:19 | 4974869 blu
blu's picture

They look and sound the same because they have all been genetic clones since before WW2, fact. Look it up.

And don't talk about Horus around me. We're still not settled with what happened at Ibiza last summer. I'm going to kick his ass next time I see him, don't care what kind of godling he thinks he is. The pervert.

Fri, 07/18/2014 - 15:23 | 4974890 magpie
magpie's picture

I don't care. You set up a leyline to kill me. I ley back and enjoy.

Fri, 07/18/2014 - 15:24 | 4974905 Pheonyte
Pheonyte's picture

Am I the only one who has no idea what these two are talking about?

Fri, 07/18/2014 - 15:27 | 4974924 magpie
magpie's picture

Elite d'elite d'elite d'elite

just don't listen to the media

don't diddle with kids

no to racism

no to slavery

no to cannibalism

no satan worship

no gay marriage

if people claim to be aliens throw them into a pond

Fri, 07/18/2014 - 15:39 | 4974988 blu
blu's picture

Wait. What have got against cannibalism? I mean apart from the obvious. I used to have that argument all the time with my sister, I finally gave it up. She made some really good points -- mostly with an axe. You have to weigh everything carefully once the axes come out.

But yeah don't diddle with kids. I have strict limits there.

Fri, 07/18/2014 - 15:43 | 4974997 magpie
magpie's picture

Yeah do that in your solar system...do you still have one ?

Eating less people does you a favour, perhaps one less AIDS specialist who rapes you.

My name is Ray...you know the play.

Fri, 07/18/2014 - 16:01 | 4975093 blu
blu's picture

You can call me Ray. Or you can call me Jay. Or you can call me RJ. Or you can call me Jay Jay. Or you can call me Ray Johnston. Or you can call me Jay Johnston. But you doesn't have to call me Johnston.

I think that's how it went.

Had to sub-let my system last year. The maintenance was breaking me, you know how it is. I'm enjoying fucking with things here, these apes are a bunch of chumps.

Fri, 07/18/2014 - 16:07 | 4975119 magpie
magpie's picture

Aw, how nice that you blame computers now...how's the weather on Mauritius...it might be raining Starship Troopers if it were up to me...but it is not.

My brother visited Ron's mausoleum. Not really worth it.

Fri, 07/18/2014 - 16:19 | 4975190 blu
blu's picture

Listen. It's been about the computers since before Galileo. Who btw was like a total skinny nerd, nothing like that painting of him they trot out on the History Channel. In fact I think that was his dad. Not a bad guy, his dad.

But yeah, computers.

I bet you didn't know this, but I can do matrix algebra in reverse. The results arrive at the same time I start the calculations, sometimes a day ahead. Sister says it's because I'm a nightmare, which the first time she said it really pissed me off. How does she get away calling anyone else a nightmare? That's fucked up. So I called her a stupid cunt which got me tossed off a rooftop, which was fine, because that was a mean thing to say. And besides I am a nightmare, otherwise I couldn't do crazy shit in reverse, as she correctly pointed out.

Yeah I went there. Not worth the 25 cents to get in. But I liked the grounds and that old iron gate next to the fountain. I sat there for a while looking at the water and worked on some algebra I had the solution to from the day before.

So that was nice.

Fri, 07/18/2014 - 15:16 | 4974850 Perfecthedge
Perfecthedge's picture

Hahahahaha....love your comment!

Living here in Portugal and this is how we serve our bankruptcies - quick and hot! Under 30 min. or money back guarantee!

Fri, 07/18/2014 - 15:22 | 4974884 blu
blu's picture

30 minutes or my money back? That's what I call civilized.

Fri, 07/18/2014 - 15:25 | 4974908 magpie
magpie's picture

Your money has already been spent.

If you die, BES has nothing to redistribute.

 

Fri, 07/18/2014 - 15:33 | 4974959 blu
blu's picture

Ha! I'm immortal, nearly. Sucks to be them.

Fri, 07/18/2014 - 15:40 | 4974965 magpie
magpie's picture

nom nom is this place getting carcinogenic or what lol

Better get Obama to set up a credit line to Amsterdam before you know what

I really don't understand your peoples problem...just retreat your folks from Gaza and have someone else walk the dog in America

Fri, 07/18/2014 - 15:43 | 4975002 blu
blu's picture

Let them take their time about it. I love the you know what part best. In fact we could stand a little more you know what in general around here. It is Friday, and I've geen good, and I want my you know what or else someone is going to have to deal with me being that way I get.

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