Manuel Fino will not repay their 20 million debt to the BCP
SDC Investments, the holding company owned by Manuel Fino, has revealed this Friday he will not reimburse, in due time, the 20 million bond loan fully subscribed by the BCP.
Default. SDC Investments has revealed the market this Friday he will not repay his bond loan, worth 20 million euros, maturing on the 28th November. This debt was fully subscribed by the Portuguese bank BCP, which will not be able to receive their money back by next Monday. When contacted by ECO, the bank refrained from commenting.
“This bond loan was issued through a private placement, has Millennium BCP as the sole holder and is not listed nor quoted in the exchange market”, the SDC stated in the material information sent to the CMVM (Portuguese Securities Market Commission).
The company, 58% held by businessman Manuel Fino, is undergoing a restructuring of its banking liabilities. And, although the negotiations have been “evolving positively”, they are still not concluded. Their debts to banks include this bond loan that, due to lack of an agreement on the restructuring, “will not be reimbursed on the said due date, becoming formally in default”.
"SDC Investimentos is undergoing a process of restructuring of its banking liabilities which, although not yet completed, is evolving positively. The referred bond loan is included in this process and therefore will not be reimbursed on the said due date, becoming formally in default. ”
In spite of being in default, the SDC Investimentos reveal no consequence will come from that circumstance, and that it will only be solved when there is a “concrete solution” concerning the process of reorganizing the group’s debt. It is an agreement the company hopes to achieve in the short-term.
