Paula-Varandas has concluded part of the debt restructuring owed to the bank (Sporting)

Sporting was able, after eight years, to complete part of the restructuring of the bank’s debt, which amounted to 240 million euros.

After converting the bonds acquired from BCP into SAD capital, with the help of two capital increases totaling €83.6 million, they became the majority owners of the company’s shares. There is still agreement with Novo Banco to end the restructuring process that started in 2014.

Sporting had already reached an agreement in March with the Chinese central bank to buy mandatory convertible securities (VMOC) worth 83.7 million euros for just 14 million euros.

To complete this stage of the process, it was necessary to convert VMOC into SAD capital, which took place last week, carrying out two capital increases through the conversion of debt securities in the amount of 27.57 million and 56 million euros, with the company now having a total capital of 150.6 million, Which is more than double the amount she was keeping prior to the procedure.

This initiative also increased the participation of Alvaro Sobrinho from 29.851 per cent to 13,283 per cent, and that of Joaquim Oliveira from 3.186 per cent to 1,418 per cent from Sade Leonina.