Banco Montepio has sold the so-called “Zêzere Project” to LX Partners, reports Jornal Económico.  LX Partners, Fortress, CRC and LCM Partners were the bidders in this operation.

It was not possible to obtain the value of the deal, but it involved a bad debt portfolio with a book value of €120 million and which included two tranches, one of secured credit (with guarantees) worth €57 million, corresponding to 120 individual debtors and another 150 from small and medium-sized enterprises (SMEs), and whose collateral made up of real estate assets was valued at around 80 million; and another tranche of unsecured credit (without guarantees) worth €63 million from SMEs, 60 per cent of which will be insolvent.

The deal was advised on the sales side by KPMG.

Original Story: Jornal Económico | Author: Maria Teixeira Alves
Edition and translation: Prime Yield