BPP: first payments to common creditors

The liquidation committee of Banco Privado Português (BPP) has initiated partial payments to creditors, starting with four million euros to 200 creditors. A further payment of seven million euros to another 200 creditors is expected soon. The total amount to be paid to common creditors is around 80 million euros, representing 8.4% of the recognized debts. Payments are limited to creditors with recognized debts over 600 euros, affecting about 4,000 creditors. The liquidation process has been ongoing for 16 years, following the bank's collapse during the 2008 financial crisis. The committee is transitioning to a single judicial liquidator, Manuel Mendes Paulo, as ordered by the court.