Novo Banco puts bad debt from Sogema and Ongoing for sale

The two largest debtors included in the Non-Performing Loans (NPL) portfolio named Natal II that Novo Banco put for sale in the beginning of March are Sogema and Ongoing, reveals Jornal Económico.

According to the newspaper, the NPL from Sogema has an indicative value of €540 million (what should include interest) while the credits from Ongoing have an indicative value of €350 million, to which must be added other €240 million in commercial paper from theholding.

These are, indeed, the largest debtors on the Nata 2 NPL portfolio. The bank has already selected three candidates to move forward the second phase of the sales tender, inviting them to present biding offers:  Bain Capital, the JV KKR-Hipoges and Davidson Kempner Capital Management.

Original Story:Jornal Económico |Maria Teixeira Alves
Photo: Novo Banco site
Translation & Edition:Prime Yield