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Portugal: Bondholders challenge sale of insurer Tranquilidade

August 28, 2014 - 6:00am


Espirito Santo Financial Group S.A.'s bondholders are opposing the sale of the company's insurance unit Tranquilidade, reported Reuters.

Apollo Global Management L.L.C. is currently in talks to acquire Tranquilidade for about €200 million ($263 million). The bondholders said that Banco Espirito Santo S.A.'s claim on Tranquilidade is invalid and have written in protest to Novo Banco S.A., Tranquilidade's current owner.

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