CMS has advised the National Bank of Greece on the disposal of a Romanian-risk corporate non-performing and sub-performing loan portfolio with a total gross book value of circa EUR 174 million (EUR 102 million of allocated collateral value) to a consortium composed of Bain Capital Credit and APS.
According to CMS, “being implemented in the context of NBG’s NPL deleveraging strategy and in accordance with the operational targets submitted to the Single Supervisory Mechanism, the transaction is one of the largest recent corporate NPL sales in the Romanian market. The transaction is in line with the European Commission’s NPL action plan, which is intended to prevent a future build-up of NPLs across the European Union. It may also mark the resumption of NPL transactions in Romania, as many businesses and households have come under significant financial pressure due to the pandemic.”
CMS’s team included Partners Rodica Manea and Cristina Reichmann, Senior Associates Claudia Nagy, Adina Nanescu, Raluca Ionescu, and Andrei Cristescu, Associates Andreea Armanu, Alexandru Dumitrescu, Simona Strava, Cristina Ciomos, and Lawyers Eduard Roventa, Anna Morogai, Tatiana Casapciuc, Adrian Linca.
CMS did not provide additional information about other counsel involved.