16 05 2016

Banco Sabadell sells non-performing loans for €980 million

Cuatrecasas, Gonçalves Pereira has advised Banco Sabadell on the deal


Banco Sabadell has sold one of its largest non-performing loan portfolios with an outstanding balance of €980 million. Grove Capital Management, a distressed asset investment group, and Lindorff, a debt recovery company, have acquired the sub-portfolios of the “Corus” portfolio. This portfolio comprises unsecured loans that Banco Sabadell had provisioned. Grove will manage most of the Corus loans with an outstanding balance of approximately €800 million, while Lindorff will manage the remaining loans. This company already acquired Banco Sabadell’s receivables management business for €162 million in October 2014. Cuatrecasas, Gonçalves Pereira has advised Banco Sabadell on this transaction, led by the Finance Practice. Partners Héctor Bros (Picture), Iñigo Rubio and Beatriz Causapé, together with associates María Lérida, Laura Torrecilla and Jan Barthe, comprised the legal team. Partner Javier Rodríguez also participated in tax matters and senior associate Ariadna Biete in the litigation area. Involved fees earner: Héctor Bros - Cuatrecasas Gonçalves Pereira; Íñigo Rubio - Cuatrecasas Gonçalves Pereira; Beatriz Causapé - Cuatrecasas Gonçalves Pereira; María Lérida - Cuatrecasas Gonçalves Pereira; Laura Torrecilla - Cuatrecasas Gonçalves Pereira; Jan Barthe - Cuatrecasas Gonçalves Pereira; Javier Rodríguez - Cuatrecasas Gonçalves Pereira; Ariadna Biete - Cuatrecasas Gonçalves Pereira;

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