BES Finance shareholder OKs liquidation following notes acceleration

By Caroline Salls

Pittsburgh, Sept. 30 – BES Finance Ltd.’s sole voting shareholder passed a written resolution that the affairs of the company be wound up and that the company be placed into voluntary liquidation, according to a news release.

Michael Pearson and Andrew Chide of FFP Ltd. were appointed as liquidators.

BES said the trustee of its series 18 €500 million undated subordinated notes A and series 38 €500 million undated subordinated notes accelerated those notes on Aug. 26. As a result, the company owed €42.78 million.

As a result of the acceleration, the company said its directors are unable to swear the declaration of solvency, and the liquidation of the company must continue under the supervision of the Grand Court of the Cayman Islands.

The liquidators said they will file a petition by Oct. 7 seeking orders that the liquidation continue under the supervision of the court and that they be appointed as joint official liquidators.

BES Finance is a George Town, Cayman Islands-based subsidiary of Novo Banco SA, a bank based in Lisbon.

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