COPENHAGEN, DK, December 11, 2014 — On 1 October 2014, Finansiel Stabilitet initiated an open and transparent sales process directed towards qualified investors with the aim of divesting a large customer portfolio. The portfolio consists of approximately 360 group customers with loans and credit facilities totaling approximately DKK 7.5 billion.
Finansiel Stabilitet has entered into an agreement on transfer of the portfolio to Promontoria Holding 111 B.V., a company domiciled in the Netherlands. The investors in Promontoria Holding 111 B.V. are funds affiliated with Cerberus Capital Management L.P.
Cerberus Capital Management L.P. is based in the US and is registered with the United States Securities and Exchange Commission.
In the coming months Finansiel Stabilitet will transfer the portfolio to Promontoria Holding 111 B.V. According to the agreement with Finansiel Stabilitet, Promontoria Holding 111 B.V. is obliged to manage the portfolio in compliance with the executive order on good business practice for financial undertakings.
Finansiel Stabilitet has experienced a significant interest in the portfolio from Danish banks as well as from Danish and international investors.
“With the conclusion of this agreement we are moving significantly closer to a complete wind up of the remaining customer-related activities in the Group”, says Henrik Bjerre-Nielsen, CEO of Finansiel Stabilitet.
Finansiel Stabilitet is still in the process of winding up a limited number of loans and credit facilities as well as winding up of over taken real estate, financial assets and litigations.