One of the largest bad loan disposals in Italy in 2021
MILAN – 3 November 2021 – Greenberg Traurig Santa Maria (GTSM) advised affiliates of Cerberus Capital Management L.P. (Cerberus) in the sale of €2.8 billion ($3.24 billion) of non-performing loans (NPLs) pursuant to an agreement with Banca Ifis. The stock comprises approximately 300,000 unsecured loans originated by Italian banks and financial institutions. The receivables, due from retail customers, mainly derive from consumer loan contracts (personal loans, special-purpose loans, and car loans).
The transaction represents the most significant direct sale of NPL portfolios in 2021 in Italy in the primary and secondary markets and is the largest acquisition to date of bad loans by Banca Ifis.
Cerberus was advised by GTSM Partner Corrado Angelelli, Counsel Caterina Napoli, Senior Associate Davide Roberto Bonsi, and Trainees Giuditta Betti and Francesca Muci.
Greenberg Traurig Santa Maria is the result of the combination of Greenberg Traurig, LLP with its long-term ally, Santa Maria Studio Legale Associato – a renowned legal boutique, founded in 1970 by Alberto Santa Maria in Milan. Greenberg Traurig Santa Maria is the fifth GT office in Europe and the 40th office in the world and comprises more than 50 lawyers.
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