Nord/LB Closes Sale of EUR 2.6 Bn Shipping Loan Portfolio

FinanceIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Germany’s Norddeutsche Landesbank (Nord/LB) has completed the sale of a EUR 2.6 billion shipping loan portfolio.

An affiliate of global alternative investment manager Cerberus Capital Management took over the portfolio, which comprises of a total of 263 ships with a non-performing loan (NPL) portion of some 90%.

The so-called “Big Ben” transaction was closed on April 9, in accordance with the signing of the purchase agreement in February 2019. The parties agreed to maintain confidentiality about the terms of the transaction.

Upon completion of the sale, the bank’s NPL portfolio, which amounted to EUR 7.5 billion at the end of 2018, was reduced to around EUR 4.9 billion.

The portfolio, that groups together the legacy problem assets from ship financing, should be almost completely run off by the end of 2019, Thomas Bürkle, Chairman of Nord/LB, earlier said.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >

MARITIME INDUSTRY 2020

The future of the maritime sector is the point of focus during Maritime Industry 2020.

read more >