Pimco and Bain Capital Cerved, Credito Fondiario have submitted non binding offers, for Galaxy, Bloomberg

Bain Capital Credit and PIMCO, Cerved Group SpA and Elliott-backed Credito Fondiario
SpA,   are said that they have made on non-binding bid for Galaxy according to Bloomberg. citing anonymous sources.

A  spokesperson for Alpha declined to comment on the bidders. Representatives for Cerved, Credito Fondiario and Pimco declined to comment while an external spokesperson at Bain wasn’t immediately available to comment according to the story.
Greek lenders are stepping up efforts to dispose of soured loans, a legacy of the sovereign debt crisis of the last decade.

More than 35% of Greek bank loans were classed as non-performing in March compared to an European average of 3%, according to European Central Bank data for the end of 2019. That outlook is likely to deteriorate further as the shutdown caused by Covid-19 may help increase the banks’ soured debt pile by another 10
billion euros.

The lender expects to get a rating for the securitization from DBRS Ratings Ltd in the coming days, a necessary step to obtain the state guarantee, the people said. Binding offers for the package are due in September.

The disposal plan, dubbed Project Galaxy, is set to reduce its non-performing loan ratio by more than half. The sale also includes Cepal, the bank’s debt collection unit, which will continue to manage the lender’s NPLs, the company said in a statement last week.

We remind that according to unnamed sources cited by Reuters Non-binding offers submitted on Alpha Bank’s Galaxy project, at least five US investment firms (namely Cerberus, Pimco, Bain Capital Credit, Apollo, and Centerbridge) were considering a bid.