18 September 2014 Insurance

Investors seek injunction on sale of Tranquilidade

Earlier this week, Novo Banco, the successor of Banco Espirito Santo, agreed to sell insurer Tranquilidade to private-equity firm Apollo Global Management.

A group of bondholders of Espirito Santo Financial Group (EFSG) have requested a court injunction against the sale.

ATM, an investor association, issued a statement that said the request reinforced their previous civil action against the sale.

The shares of Tranquilidade had been given to Novo Banco as a pledge to secure a loan granted to ESFG. When completed, the sale will permit the execution of this financial pledge.

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