Bernitsas has advised coordinator Intrum Hellas on the secondary sale and transfer of the Tethys securitized loan receivables portfolio – originated by Piraeus Bank – to a consortium consisting of SMERemediumCap, Latonia Enterprises, and WHG Europe. Karatzas & Partners advised the buyers.
The total legal claim of the portfolio is estimated between EUR 255 million and EUR 285 million.
According to Bernitsas, the portfolio was serviced by Intrum Hellas and sold and transferred by three securitization special purpose vehicles: Sunrise I NPL Finance DAC, Sunrise II NPL Finance DAC, and Vega II NPL Finance DAC. "Tethys is secured over hotel and hospitality real estate assets located in popular Greek tourist destinations and is the first sectoral portfolio of loan claims sold in the secondary market in Greece."
According to Karatzas & Partners, the Tethys portfolio "comprises 72 hotel units with 4,000 beds that operate, among other regions, in the Cyclades, Dodecanese, and Chalkidiki."
The Bernitsas team included Partner Athanasia Tsene, Counsel Dionysis Flambouras, Senior Associate Tania Patsalia, and Junior Associate Maria Vertzagia.
The Karatzas & Partners team included Partner Nikos Fragos, Associate Matina Xirogianni, and Trainee Lawyer Georgios Zervakis.