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Fortress and Bain more likely to win NBG’s Project Icon tender

The bid submission date NBG’s Icon portfolio was postponed to early February. The portfolio consists of denounced or very late loans of small and medium-sized enterprises.

The new 10-day extension was deemed necessary as Fortress and Bain did not have the time to conclude the due diligence as they also claim the Alpha Bank’s Neptune project.

Bain (in joint venture with Elliott) and Fortress are the most likely to win the Icon project tender as Apollo and Centerbridge who also went through the second phase, show less interest in concluding the due diligence.

The portfolio for sale comprises 7,300 denounced loans or loans in late arrears of 1,500 small to medium-sized enterprises. The debt is €1.52 bn and the bank’s total claim is €2.5 bn.

The loans have mortgages on some 6,000 properties worth €1.1 bn. Commercial and industrial real estate (offices, shops, hotels, warehouses, industrial sites) are valued by the bank at €800 m. 27% of the mortgaged properties are located in Athens and another 23% in Macedonia, North Greece.

About 55% of businesses whose loans are for sale have stopped operating. The portfolio is divided in two sections. The first relates to loans of 137 small and medium-sized enterprises with a debt of €959 m and the other to loans of small and very small enterprises with a debt of €564 m.

With the successful completion of the Icon Project, NBG will significantly consolidate its portfolio of denounced SME loans.

The NBG has by far the highest coverage ratio of NPEs in the category of very small businesses, reaching 77%.

Original Source: Euro2day

Translation/Adaptation: Kiki Athanasiadis

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