FKA Furtek Komosa Aleksandrowicz has advised mBank SA on the sale of a portfolio of non-performing receivables towards corporate clients (and related receivables owed to a government financial institution) with a face value of over PLN 125 million. FKA describes the unidentified buyer of the portfolio as "a securitization closed-end investment fund belonging to one of the leading groups in the debt management market."
FKA reports that its advice to mBank "included all stages of the process initiated in the third quarter of 2016, from the preparation of the transaction legal framework and timetable, correspondence to potential buyers, the receivable sale process letters and other transaction documentation, through assistance to the special sale committee of the Bank when reviewing the submitted bids in particular stages and selection of the buyer, to negotiation of the receivables sale agreement and the transaction finalization in December 2016."
The FKA Financial Institutions and Restructuring team was led by Partner Leszek Rydzewski, assisted by Senior Associate Bartlomiej Bronisz and Tax Partner Mariusz Aleksandrowicz.
FKA informed CEE Legal Matters that it was not allowed to identify the buyer on the deal, or its counsel, "due to strict information policies of the buyer organization."