05 November, Bebeez
The operation concerning bad loans for 2 billion euro of the former Delta, the group specialised in consumer credit, has finally been completed. The group was put under compulsory administration in 2009 and was then liquidated. Eventually, Cerberus bought the portfolio. Cerberus got the exclusive last May for the purchase of the portfolio named Arkade. The news was disclosed by CR San Marino, one of the creditors, on 31st October, following the communication by the liquidator from Società gestione crediti Delta (Sgcd).
The portfolio includes performing and non-performing loans, and it was put on the market by Sgcd, the special purpose vehicle owned by one of the leading Italian banks which was in charge of the liquidation. Amon the creditors, there are Unicredit, Mps, Bper Banca, Banco Bpm, Bnl, Bpvi and CR San Marino (with 109 million).
The credits are all unsecured and originated from old Delta subsidiaries such as Carifin Italia, Plusvalore, Detto Factor and many others. The offer from Cerberus was allegedly for a price 5% higher the gross value of the portfolio.
Delta was founded by Mario Fantini and owned by CR San Marino (21%) and Sopaf (34%). It was put under compulsory administration by Banca d’Italia in 2009, following investigations that highlighted some governance issues and serious managerial anomalies. Intesa Sanpaolo helped Delta by taking over at the end of 2012 the subsidiaries Bentos Assicurazioni and Sedicibanca, while others such as Carifin Italia, Plusvalore and Detto Factor were liquidated.
Translator: Cristina Ambrosi