July 29, 2014 / 11:12 AM / 5 years ago

Luxembourg court accepts ESFG, Rio Forte creditor protection claims

BRUSSELS, July 29 (Reuters) - A Luxembourg court on Tuesday accepted requests for creditor protection filed earlier by Espirito Santo Financial Group (EFSG) and Rio Forte Investments, holding companies of Portugal’s troubled Espirito Santo family.

The commercial court said in a statement that it had declared the demands of ESFG and Rio Forte admissible.

ESFG is Banco Espirito Santo’s largest shareholder, with a stake of about 20 percent, and is controlled by the bank’s founding family, the Espirito Santos.

Espirito Santo International, which owns Rio Forte, received creditor protection earlier this month. Rio Forte holds a 49 percent stake in ESFG. (Reporting By Philip Blenkinsop, editing by Andrei Khalip)

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