Insolvency of GES in Luxembourg without assets to pay already recognized credits

According to the newspaper Expresso, Rioforte, a top company that belonged to the Espírito Santo Group (GES), does not have sufficient assets in the banks to pay the amount of credits that has already been recognized by the Luxembourg courts, where its insolvency process is taking place.

In the latest balance sheet drawn up by the liquidators, up to December 31, 2024, credit claims totaling 408 million euros relating to Rioforte have already been accepted by the court.

Expresso also reports that, among them, is the credit of Pharol, the administrative company that remains of the former Portuguese operator Portugal Telecom.