On Tuesday, Novo Banco announced that it had signed a sale and purchase agreement and other agreements with investment funds managed by Davidson Kempner Capital Management regarding the sale of restructuring funds that were part of the so-called Crow Project.
In a statement to the Securities Market Commission (CMVM), Novo Banco said the institution’s risk “was €524 million, with the perimeter of this transaction being about 40% of the bank’s exposure to restructuring funds.” The Crow project is one of the largest real estate transactions in Portugal and initially included several hotels of the NAU group, namely the Palacio do Governador Hotel.
It should be remembered that the American fund Davidson Kempner was the fund that bought the portfolio of bad debts, which included a debt of 54 million euros to Imosteps, owned by former Benfica president Luis Filipe Vieira and subsequently resold to Vieira’s partner. José António dos Santos, known as the “King of the Chickens”. The deal is expected to close in the fourth quarter of this year.n
Author: Andres Pereira
Source: CM Jornal
