Today, the Luxembourg District Court sitting in commercial matters has rejected the applications of ESPIRITO SANTO INTERNATIONAL S.A. (ESI) and RIO FORTE INVESTMENTS S.A. (RIO FORTE) to be placed under controlled management.

Thus, the Court considered that ESI and RIO FORTE did not meet the conditions for a controlled management order, on the basis of the report on the financial situation of the applicant’s business prepared by the designated judge,  assisted by two experts.

The two judgments of today may be subject to an appeal either by the applicants or their creditors within a period of 8 days. Given the current situation of the Luxembourg structure of Espirito Santo Group (Espirito Santo Financial Group S.A. and ESFIL - Espirito Santo Financière S.A. have been declared bankrupt on October 10), it seems probable that the relevant Court would be called again to decide on a possible bankruptcy of ESI and RIO FORTE too.