Essential Business

Pimco, Goldman Sachs and Novo Banco are largest BES creditor

 In Banks, News

Over 40 Pimco funds are claiming around €560 million in credit from Banco Espírito Santo – the Portuguese bank that collapsed in 2014 owing hundreds of millions of euros to lenders.

According to the lists handed to the Lisbon Commercial Court (Tribunal do Comércio) last week, Pimco (Pacific Investments Management Company LLC) — a US overseas investment fund — joins Goldman Sachs and Novo Banco which are demanding €315 million and €277 million respectively.
Around 5,000 creditors owned money by BES have been recognised by the BES Liquidation Commission claiming around €5Bn following the collapse of BES in 2014.
For the most part they are small clients owed money by the failed institution but also include foreign entities.
Among them are former BES directors such as Ricardo Salgado. Out of almost half of the money owed and being reclaimed through the courts, comes from 10 large entities that have now been recognised as BES creditors are demanding over €2.1 million.
Pimco is demanding €564 million; Goldman Sachs €315 million; Novo Banco €277 million, BES Finance €247 million, BTG €213 million, Golden Tree Asset €195 million, BlackRock €134 million, Trinity Investments €128 million, TDC Pensionkasse €104 million and CQS 99 million.


Read More