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Fourth Espirito Santo group's firm files for creditor protection
August 1, 2014 / 4:07 PM / 3 years ago

Fourth Espirito Santo group's firm files for creditor protection

LISBON, Aug 1 (Reuters) - ESFIL, a fully-owned subsidiary of Espirito Santo Financial Group, on Friday became the fourth company from the troubled business empire of Portugal’s Espirito Santo banking family to seek creditor protection in Luxembourg on Friday.

ESFG, which itself was granted creditor protection earlier this week, said in a statement the filing in a Luxembourg court occurred after ESFIL became unable to meet its obligations under its commercial paper programme and other debt payments. The companies are registered in Luxembourg.

ESFG is also the biggest shareholder of Banco Espirito Santo , which posted a massive loss on Wednesday and now needs a capital increase. (Reporting By Andrei Khalip, editing by David Evans)

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