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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Portuguese paper merchant Inapa – Investimentos, Participações e Gestão, S.A. (Inapa IPG) said that it would present the company to insolvency under Portuguese law after its German subsidiary filed for insolvency on 22 July 2024, EUWID-Paper.com reported. The German subsidiary Inapa Deutschland had a short-term cash shortage of €12m, for which no financing solution was found within the period established in accordance with German law, the company explained in a statement.
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Portuguese Finance Minister Fernando Medina urged the European Central Bank to start lowering borrowing costs, saying maintaining them at their current level is a “high risk,” Bloomberg News reported. “Various European countries are having a very strong slowdown,” Medina said in an interview in Sao Paulo on Thursday. “In some there’s already stagnation and recession. At this moment, the risks of leaving the situation as it is are greater than starting a process of reducing interest rates.
Portugal's government has mandated state holding company Parpublica to pick two independent assessors to value airline TAP ahead of its privatisation, which could be launched in July, the finance minister said on Thursday, Reuters reported. The state owns 100% of TAP, which is currently restructuring under a Brussels-approved 3.2 billion euro ($3.5 billion) rescue plan, and the government is considering an outright or partial sale. "These two independent assessments are mandatory before launching the privatisation.
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A month after being dismissed on live television as chief executive officer of Portuguese airline TAP SA, Christine Ourmieres-Widener remains at the helm of the state-owned carrier, without any guidance from the government on how to run the company, Bloomberg reported. Portugal’s Finance Minister Fernando Medina sacked Ourmieres-Widener at a March 6 press conference broadcast on national television, following criticism about a severance payment of €500,000 ($547,000) to a departing executive board member.
The successful completion in December of Novo Banco's restructuring means Portugal's fourth-largest lender will no longer request funds from the country's Resolution Fund or the state, the finance ministry said on Monday, Reuters reported. The European Commission had agreed that the process involving the bank that emerged from the ashes of the collapsed Banco Espirito Santo in 2014 was over, a ministry statement said.
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