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Espirito Santo family company Rioforte seeks creditor protection
July 22, 2014 / 6:35 PM / 3 years ago

Espirito Santo family company Rioforte seeks creditor protection

LISBON, July 22 (Reuters) - Rioforte said on Tuesday it has requested protection from creditors in Luxembourg where it is registered, becoming the second holding company of Portugal’s troubled Espirito Santo banking family to do so after failing to pay off debts.

Espirito Santo International, which owns Rioforte, said on Tuesday Luxembourg authorities had accepted its request for creditor protection that it filed on Friday.

Rioforte said in a statement that it was not able to meet certain debt obligations due after July 9.

The Espirito Santo family is the largest shareholder in Portugal’s Banco Espirito Santo.

Reporting By Axel Bugge, editing by Laura Noonan

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