Schoenherr has advised Piraeus Bank on the sale of its participation in a EUR 400 million primarily non-performing exposures portfolio to APS. Tuca Zbarcea & Asociatii advised APS.
Piraeus Bank exited the Romanian market in 2018, with the sale of its local banking operations to US investment fund JC Flowers.
APS is a non-performing loan investor and servicer active in 15 countries.
According to Schoenherr, "the portfolio, which amounts to a EUR 400 million legal claim, consists of approximately 2,000 unsecured loans and loans secured with real estate collateral in Romania. The European Bank for Reconstruction and Development financed a 30% share of the participation, with the balance being financed by APS funds and managed accounts."
The Schoenherr team included Partners Matei Florea and Georgiana Badescu and Senior Attorneys at Law Valeria Stropsa and Silviu Lazar.