Rio Forte Investments insolvency

Overview:

• Rio Forte Investments, a holding company and subsidiary of Banco Espirito Santo, has entered into insolvency proceedings following the collapse of its parent bank. 
• The initial deadline for claims was extended to January 2016 to allow claimants to find alternative measures. 
• Some of the company's Portuguese assets were seized as part of the transaction. 
• The company is thought to have over €3 billion of debt. 

John  Crabb - Journalist