Novo Banco forgives debt of 25 million to Malo Clinic

  • ECO News
  • 26 September 2019

Novo Banco has agreed to forgive half of Malo Clinic's debt. With this Revitalization Plan, the dental clinic has a liability of 27 million euros.

Malo Clinic has a total debt of 67.5 million euros, but managed to obtain a waiver of more than 40 million euros from creditors. Most of the debt is to Novo Banco which has agreed to forgive the dental group about half of this amount under the Special Revitalization Plan (PER).

According to the newspaper Jornal de Negócios, the bank led by António Ramalho, to whom Malo Clinic had a debt of 51 million euros, accepted a pardon of 25 million euros.

As a whole, the ordinary creditors agreed to lose 90% of their claims, leaving Malo Clinic with a liability of 27 million under the PER.

Among the creditors of the dental clinic is Caixa Geral de Depósitos which, through Banco Nacional Ultramarino (BNU), helped the expansion of the Malo group in Macau and with this pardon could recover only 10% of 6.9 million euros it had to recover.