Santander Sheds Distressed Debt

23/06/2014 – Expansion

Santander refuses to commit to complicated refinancing and takes advantage of the apetitte for distressed debt of the hedge funds. Throughout 2014, the bank´s president Emilio Botín decided to sell several loans of insolvent companies to this kind of investors. For instance, he sold a €75 million debt of Pescanova with a 90% discount.

Later on, Santander put up for sale the €400 million indebtness it held in Hesperia and currently seeks buyers for €237.6 million loan of Eroski. The bank has transferred €100 million debt of Realia to King Street and €30 million worth of Silken. Moreover, it wishes to leave from the stakes of bankrupt Deóleo and ITR.

 

Original article: Expansión (by D. Badía)

Translation: AURA REE

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