BCP sells debt from Inapa and Autódromo do Algarve developer

Debts from Inapa and Parkalgar, worth 80 million euros each, are being sold in the bad debt portfolio that BCP has put up for sale in recent weeks.

BCP is selling the problematic exposures it has with Inapa and Parkalgar, the developer of the Autódromo Internacional do Algarve (AIA), with a gross book value (without impairments) of around 80 million euros each, according to information gathered by ECO from market sources.

The debts of the two companies are part of the bad debt portfolio called ‘Spring Project’ that the bank led by Miguel Maya put on the market in recent weeks, with a total value of 265 million euros, as ECO reported last week.

This isn’t the first time that BCP has tried to get rid of the toxic credits related to the paper distributor led by Frederico Lupi and Parkalgar, and it’s not certain that it will be able to do so in this operation either, said one of the sources.

Original Story: ECO | Author: Alberto Teixeira
Edition and translation: Prime Yield