Joe Brennan, of Bloomberg, reports:
“A Goldman Sachs Inc and CarVal Investors LLC joint approach made the shortlist of bidders for the largest loan portfolio ever put up for sale by Ireland’s National Asset Management Agency, according to a person with knowledge of the matter.”
“Cerberus Capital Management LP also made a shortlist of three for the 7.6 billion-euro ($8.8 billion) of par value loans, known as Project Arrow, said the person, who asked not to be identified because the process is ongoing. The portfolio of mainly non-performing loans is being sold at a fraction of its original value by the agency, known as NAMA, said another person.”
“…Cerberus won out in NAMA’s previous largest asset sale, acquiring the agency’s 4.5 billion pounds Northern Irish loan book last year. Police in Northern Ireland opened a criminal probe in July into claims surrounding the transaction, including that some legal fees tied to the deal ended up in the private bank account of a Belfast-based lawyer. Cerberus has said it acted completely “professionally and properly at all times” on the transaction.”
Goldman, Cerberus Said to Bid in Irish Bad Bank’s Biggest Sale (Bloomberg)
Previously: What Did They Get The €5million For?
Project Eagle And The €3.5 Billion Haircut
I said before, and I’ll say it again. If no one claims that money, I’ll have it.
Thanks for the update Broadsheet
whack a mole
dodgy deal no.2 in the making, thanks again NAMA!
How so?