Another asset from GES will be “dissolved”. Deloitte is managing the process

  • ECO News
  • 8 February 2018

The company from the Espírito Santo Group (GES) that runs dams in Brazil will be dissolved. The process will be managed by Deloitte.

There is another asset from the Espírito Santo Group (GES) that will be liquidated: Euroamerican Finance, a branch owned by Rioforte which manages small dams in Brazil.

Euroamerican Finance was fully owned by Rioforte, a holding of the non-financial branch from GES. Euroamerican owned 97.77% of Luzboa, manager of dams in Brazil. In a report dated back to 31 December, insolvency managers from GES companies headed in Luxembourg mentioned that the sale process of Luzboa continues to move forward. This Wednesday, those managers published a new note in the GES insolvency website stating that the company owning Luzboa will be dissolved and that Deloitte was appointed as the manager of the process.

“The receivers inform that a further step in the winding up of the assets of RFI has been realized with the dissolution of EUROAMERICAN FINANCE SA, a 100% subsidiary of RFI, and the nomination of Deloitte Tax & Consulting S.à r.l. as liquidator”, is stated on the note published this Wednesday.

ECO had previously ascertained that Deloitte was the entity chosen to manage GES assets that are being sold, after Back in Line was removed from the process. When contacted by ECO, Deloitte did not want to confirm if they were managing GES assets that are up for sale.