Tag: Cerberus

Cerved exploring the sale of its credit management division to Bain and other funds

13 September, Il Sole 24 Ore

Cerved is expecting the first manifestations of interest for Cerved Credit Management, its credit management business division. The unit manages credits for 53.3 billion euro, 43.8 billion of which are NPLs. Cerved might sell the unit or integrate it with another player with successively a possible IPO or find a strategic partner to develop the business. Among the candidates, there are funds like Bain Capital Credit, Cerberus and Apollo, as well as doValue (formerly doBank) and Prelios.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Cerberus rejected the Saco bail proposal. The construction company ends up in liquidation

03 September, Bebeez

The fund Cerberus, the main creditor of Saco, rejected the bail proposal of the construction company. Cerberus bought the Saco debts included in the NPL portfolio Rossini from Banca Marche for a gross value of 760 million euro. The debts of Saco towards the bank amounted to 135 million. The rejection by Cerberus will result in the liquidation of the company’s assets, assessed around 130 million and including real estate assets and developable areas.

Source: Bebeez

Translator: Cristina Ambrosi

Mps to receive the first offers for its real estate assets

26 July, Milano Finanza

Mps is said to carry out a big operation concerning the sale of its real estate portfolio by the end of the year for a value of 350 million euro. The manifestations of interest are expected by the end of July, while the non-binding offers are scheduled for September. Among the candidates, there are names such as Blackstone, Cerberus, Prelios and Goldman Sachs.

Source: Milano Finanza

Translator: Cristina Ambrosi

The EU imposes to Mps an advisor to sell UTPs for 7 billion euro to SGA. The Lima and Papa2 operations are about to close

12 June, Bebeez

The European Antitrust Authority has set limits to the transfer of UTPs for 7 billion euro from Mps to Sga since both parts have the Ministry of Economy as the main shareholder. The Authority imposed to Mps to appoint an advisor to supervise the operation to make sure it will be carried at market values. Oliver Wyman will likely be the advisor.

Meanwhile, the Papa2 and Lima operations are about to conclude. The former concerns UTPs backed by real estate for a gross value of 500 million euro. The buyer might be Cerberus. The latter is constituted by five or single-name holdings for 130 million euro and might go to Bank of America Merrill Lynch.

Source: Bebeez

Translator: Cristina Ambrosi

Mps sold UTPs for 500 million to Cerberus

07 June, Il Sole 24 Ore

Mps entered an agreement for the sale of the UTP portfolio named Papa 2, which includes about eighty holdings backed by real estate for a gross value of approximately 500 million euro. The buyer is allegedly Cerberus.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

San Marino: Cerberus bought Delta’s NPLs

11 December, Linkedin

The last step has been completed to solve the legacy of Delta, the consumer credit company from Bologna filed for bankruptcy in 2009. The project Arcade positively concluded on 5th December with the securitisation of credits for a nominal value of 2.1 billion. The buyer is the fund Cerberus which has been operating on the Italian NPL market for a long time.

The operation is included in the reorganisation agreement (former 182bis of the bankruptcy law) concerning the Delta group, a subsidiary of Cassa di Risparmio della Repubblica di San Marino. The operation involves over 80 Italian and foreign banks among the creditors. According to the agreement, the Delta credit management company Sgcd (a special purpose vehicle participated by leading Italian banks such as Unicredit, Mps, Bper Banca, Banco Bpm, Bnl, Bpvi and, indeed, Cassa di Risparmio di San Marino) is in charge of the management and collection of the credits towards customers (personal loans, salary deducted loans, leasing and healthcare credits) as well as the distribution of the proceeds to the creditors.

For the company founded by Mario Fantini, whose 21% is owned by Cassa di Risparmio di San Marino and 34% by Sopaf of the Magnoni family, the difficulties started in 2009 when it was put under compulsory administration due to some governance issues and serious managerial irregularities. Intesa Sanpaolo came to help Delta at the end of 2010 by taking over the subsidiaries Bentos Assicurazioni and Sedicibanca, while other companies such as Carifin Italia, Plusvalore and Detto Factor were liquidated.

Sgcd will have to deal with the liquidation procedure, trying to collect as much as possible on behalf of the banks. This is the objective of the Arkade operation, which has already got the non-binding offers from some specialised investors.

The operation is coordinated Sgcd president Domenico Trombone, and it was assisted by the financial consultant Erberto Viazzo from EY and the legal consultants Simone Rossi and Claudia Bruscaglioni from Macchi di Cellere Gangemi. For Cassa di Risparmio di San Marino, it might be good news, considering its recent financial issues.

Source: Linkedin

Translator: Cristina Ambrosi

Cerberus finally reached an agreement for the Delta bad loans

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.

Source: Bebeez

Translator: Cristina Ambrosi

Nicastro: Cerberus is looking at opportunities in Italy. The Banco Bpm NPLs are not our only bet

21 August, Finanza Online

“We’ll see who will win the game. It’s the only one we’re participating”.  Commented Roberto Nicastro, Europe senior advisor for Cerberus Capital Management, regarding the NPL portfolio put for sale by Banco Bpm. When interviewed by Il Sole 24 Ore, Nicastro hinted that should the NPL stock increase (Cerberus has already bought NPL for 5 billion in Italy), the company might also acquire a management platform. Generally speaking, the former Unicredit General Director stressed the great commitment of Cerberus in Italy, as the company is focused on catching the new opportunities that might arise. Despite the political uncertainties, Italy “is still a good country to invest in. The general economic situation is solid, and, in my opinion, there are more opportunities than risks”.

Source: Finanza Online

Translator: Cristina Ambrosi

Cerberus-Banca Ifis offered 4.3 billion of the 6-billion Italian NPL portfolio of Crédit Agricole

17 July, Bebeez

Cerberus and Banca Ifis made a joint offer to acquire a large part of the Italian NPL portfolio amounting to 6 billion euro in total put for sale by the investment banking division of Crédit Agricole. The news was announced by Bloomberg, clarifying that the offer concerns only 4.3 billion of the portfolio.

The NPL portfolio on sale (named Project Puppy or Poppy, depending on the sources) is composed of loans originated from four special vehicle companies under the Luxemburgish law. The loans are mostly unsecured, and they were issued on the Italian market to private and SME between 2006 and 2008.

The Cerberus-Banca Ifis team has been known since the beginning of April as one of the investors that made a non-binding offer to the advisor Kpmg, along with the British Arrow Global, the Swedish Hoist Finance, the American D.E. Shaw, and the Italian Spaxs.

According to Bloomberg, Cerberus and Ifis offered to buy 2.4 billion euro of the unsecured loans from the first three special purpose companies and 1.9 billion from the fourth company, named Elypso. Crédit Agricole is currently evaluating the offer to see whether or not giving the exclusive right to the team and launching another auction in September to sell the remainder of the credits.

Source: Bebeez

Translator: Cristina Ambrosi

NPL: Cerberus acquired 57% of Officine CST (credit management)

06 July, Reuters

The alternative investment group Cerberus Capital Management reached an agreement for the acquisition of 57% of Officine CST, a company providing credit management services to public administration.

As the memo reads, Officine CST “provides integrated credit management services to big clients – such as banks, institutional investors, utilities and multinationals – as well as to small and medium companies”.

Officine CST manages credits for over 16 billion euro and employs 150 people in Italy.

Cerberus acquired the shares from the founder and Ceo Gianpiero Oddone and other members. Oddone will still be the Ceo, holding 28% of the shares. Roberto Nicastro, Cerberus senior advisor, will be the non-executive director.

In Italy, Cerberus acquired NPL portfolios and real estate assets for over 5.5 billion and about 400,000 loans for a purchasing price over 1.6 billion.

Officine CST was constituted in 2004, and it operates in the origination, analysis, rating, certification, management, transfer without recourse and judicial and extra-judicial collection of portfolios of credits for significant amounts. The company has managed so far over eight million invoices, and in 2009 it extended its services to credit management, working with the public administration.

In 2012 Officine CST entered the market of unsecured utility non-performing loans towards privates and of secured non-performing loans held by banks towards their clients. It has managed since 2017 Crediticertificati.it, a digital marketplace for the disposal and monetisation of credits towards the public administration.

Source: Reuters

Translator: Cristina Ambrosi