Luxembourg Court Accepts ESFG, Rio Forte Creditor Protection Claims

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, Reuters reported. 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. Read more.