Rentipar Investments, holding by which the daughters of Horacio Roque held a stake in Banif, entered into insolvency with debts of more than € 70 million to three banks and 60 million to bondholders . Among the banks it was in addition to the BCP and New Bank, Banif himself, whose credit in the amount of 8.9 million euros, is now in the hands of Santander Totta, who bought the main assets of the financial institution intervened in December.
So the turnaround that occurred in Banif, supported by the state in late 2012, turned out to make the main former shareholder of the bank developed by Horacio Roque is now owe money to a former competitor ( several claims passed to the vehicle created by the state, the Octant, but this was not the case in debt Rentipar).
As collateral for the Banif loan, the Rentipar had advanced a financial pledge consists of 7, 26% of Rentipar Financial (through which the Rentipar investments, its largest shareholder, owns Renticapital and a slice of Banif), 25% of Genius (insurance broker), bonds issued by Rentimundi (real estate investments) and 90% of Renticontrol (management and accounting).
PUBLIC questioned Santander in order to know whether the institution was aware of the existence of credit in the portfolio it acquired, which the steps that have been taken and it is believed be able to recover the amount in question. This, however, did not comment, saying it is a matter that involves bank customers.
In the case of debt to BCP, the figure is 13.4 million euros, but the recovery seems to be an impossible mission, since the guarantee given by Rentipar were Banif shares.
the highest bank debt, according to the insolvency proceedings of Rentipar , it is to the New Bank (which holds the best assets of the former BES, after the intervention of August 2014). Late last year, the amount was 54 million euros. Without any special guarantees, this value is associated with a commercial paper issue of 50 million, which should have been paid in 2015. Also here will be difficult to recover the amount in question.
the difficulties of Rentipar were already evident in the final stretch of 2014, when the company chaired by Teresa Roque (daughter of Horacio Roque) should have paid 2.3 million euros of interest due to the New Bank. The solution was financing from own lending institution, to six months. But the difficulties have worsened and this loan has joined other debts, leading the New Bank to press for to arrive at a solution.
On November 2, when this process was about to litigation the Rentipar’s board of directors meets at its headquarters at Avenida Barbosa do Bocage, in Lisbon. In addition to Teresa Roque, is also present Victor Simons. Cristina Roque, sister Teresa, participates by videoconference meeting in South Africa. The diagnosis is that the company is “no continuity prospects,” the breach before the New Bank and without ‘ability to renegotiate financing “as was written in the minutes.
participation in Banif continued to lose value, was not a new shareholder for the bank, then led by George Thomas, and within a few days arrived the moment of Rentipar bondholders could exercise the right to demand early repayment of the debt that had subscribed. To these data it would join another: that the Rentipar still be involved in a dispute between Fatima Roque and daughters because of Horacio Roque inheritance, which involves the listing of 99% of the shares. In this context, the meeting ends with the decision to “prepare the submission to insolvency” and “inform the creditors of the company.”
A month later, on 3 December, the lawyer Rentipar tries to freeze the process application of insolvency already had filed in court. This action is justified by the fact Banif, creditor, informed of insolvency, has announced that investigations were being conducted that succeed, “could lead to a significant appreciation of the Rentipar assets, clearly dependent on the appreciation of the Banif Group” .
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