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BRIEF-Cerberus buys 759 mln euro bad loans from four small Italian banks
November 10, 2017 / 6:18 PM / 12 days ago

BRIEF-Cerberus buys 759 mln euro bad loans from four small Italian banks

Nov 10 (Reuters) - Italian bad loan vehicle REV Gestione Crediti says:

* U.S. investment firm Cerberus Capital Management buys 759.4 million euros in bad debts originated from Italian lenders Banca Marche, Banca Etruria, CariFe and CariChieti

* The bad loans were spun off from the four small banks which have been rescued from bankruptcy and sold off to bigger rivals

* “Rossini” portfolio sold to Cerberus includes loans made to 28 top borrowers backed by real estate assets and other related loans

* KPMG Corporate Finance and Freshfields Bruckhaus Deringer advised REV on the deal

Further company coverage: (Reporting by Milan Newsroom)

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