a milestone for the special PQH liquidator responsible for clearing the non-performing 13 banks in liquidation is the completion of the sale of the Alphabet portfolio, a total accounting balance of EUR 4.8 billion. According to Mr. Alexander Frago, Chief Strategy Officer of PQH, on Friday (31.1.2025) the last transaction was completed for the sale of the Alphabet portfolio (total accounting balance of 4.8 billion euros) involving business loans with collateral. Transactions in two more portfolios, unsecured loans sold on 15 November and retail loans secured on 17 January had preceded. CORVERSE The transaction reached half a billion euros, recommending the largest NPLs sale transaction in Greece. Mr. Fragos stressed that the sale of the Alphabet portfolio is a great success, sealing a sales route of NPLs portfolios launched by PQH in 2020 with the portfolio “Aeolus”, continued in 2022 with the portfolio “Daedalus” and now completed with Alphabet. PQH’s remaining account balance of red loans amounts to approximately 4 billion. The aim is to manage quickly for recoveries that will allow the repayment of dividends to creditors. PQH will define its current strategy, which will include a lower percentage of portfolio sales, since the remaining loans present particularities. In particular, these are loans in criminal proceedings completed, loans guaranteed by the Greek State, agricultural loans and leasing loans. Overall, at balance sheet level PQH has sold red loans of around 6 billion. EUR 500 million for a price exceeding EUR 500 million. CORVERSE It is recalled that Alphabet’s three portfolios concerned: The Alphabet Guaranteed Loans Portfolio EUR 1.4 billion awarded to the association of the ‘Fortress Investment Group (UK) Ltd’ and Bain Capital Credit LP’, the Alphabet Guaranteed Business Value Guaranteed Loans EUR 2.1 billion awarded to a company managed by the ‘Bracebridge Capital, LLC’, the Alphabet Portfolio Unsecured / With Limited Securities of Accounting Value EUR 1.3 billion awarded to the ‘Fortress Investment Group (UK) Ltd’. The competition process, which began in October 2023, attracted strong international investment interest, while the successful parallel integration and transfer of portfolios highlighted the integrity of implementation of the strategy, within the regulatory and legislative framework initiated by PQH as well as its commitment to transparency, sound competition and efficiency. Morgan Stanley acted as financial advisor and the law firm PotamitisVekris as legal adviser for PQH. Mr Spyros Rasias, CEO of PQH says that the completion of the Alphabet transaction is an important milestone in the course of PQH as it is another strong proof of commitment to the implementation of our mission. “With the help of the Bank of Greece and in the light of our strategic planning, the success of the transaction demonstrates the resilience and stability of the national economy, despite constant international challenges in the financial and geopolitical environment.”
PQH: Successful sale of the largest red loan portfolio of EUR 4.8 billion
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in Enterprise