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Cerberus is dealing with the NPL of Banca Marche

11 June, Il Sole 24 Ore

After having acquired the NPL of the Rossini portfolio from Banca Marche, now the American fund Cerberus must solve the issue concerning the construction company Santarelli, which figures among the creditors of the former Banca Marche. To give an idea, Santarelli Costruzioni owed to Banca Marche 120 million out of total debts for 160 million. After the bank went bankrupt, the debts went to the special purpose vehicle Rev Società Gestione Crediti, constituted in 2015 to receive and revaluate the bad loans from the four banks that were bailed (Etruria, Carichieti, Cariferrara and Banca Marche).

The debts were then transferred with the Rossini portfolio (namely NPL for 700 million) to Cerberus. According to rumours, the complex negotiations between the American group and Santarelli are currently on a stand-by. In fact, Cerberus has allegedly asked the company to repay for its exposure. A positive conclusion of the issue seems unlikely. Today, Santarelli has assets and projects under development in central Italy and Rome, including a development in Ancona city centre.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi