NordLB offloads 263-ship portfolio of largely non-performing loans
German regional bank NordLB has rejected an offer from unnamed investors widely reported to be US private equity houses Cerberus and Centerbridge. But it has also sold a 263-ship loan book to Cerberus for an undisclosed consideration
Cerberus will soon control a substantial chunk of Germany’s overhanging shipping debt, with many in Hamburg fearful as to its intentions. Expectation is that the US private investor will take a shorter-term perspective than German regional bankers have done in the past
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