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Slovenia's 'bad bank' sells claims against local cos to YORK Capital Management affiliate

Author Maja Garaca
Slovenia's 'bad bank' sells claims against local cos to YORK Capital Management affiliate Bragin Alexey/Shutterstock.com

LJUBLJANA (Slovenia), December 29 (SeeNews) – Slovenia's ‘bad bank’, the Bank Assets Management Company (DUTB), said it has signed a receivables purchase agreement (RPA) with an affiliate of YORK Capital Management for claims held against three local companies with a gross value of 79 million euro ($82.5 million).

The companies include publisher DZS, press distributor and retailer Delo Prodaja and spa operator Terme Catez, DUTB said in a statement on Wednesday.

According to DUTB's evaluation, the claims sale method provides maximum recovery value, the 'bad bank' noted.

"The selected buyer has been verified in accordance with the requirements of the law and DUTB's internal protocols, and the contract includes strict restrictions on any subsequent resale to any party related to the original debtor," it said.

YORK Capital Management, an employee owned hedge fund sponsor, was advised by Elements Capital Partners and Wolf Theiss.

DUTB was established in March 2013 as a government-owned company in aim of facilitating the restructuring of local banks because they were facing severe solvency and liquidity problems.

($=0.957 euro)

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