SC Lowy bought $160m shipping NPLs from Italian bank MPS
Among the companies involved there are Finaval, Four Jolly, Premuda, Messina Group, Perseveranza di Navigazione, Fertilia and Liberty di Navigazione
Hong Kong-based international banking and finance group SC Lowy has just closed its largest Italian shipping debt transaction as it acquired the portfolio of bad loans from Banca Monte dei Paschi di Siena (MPS), that involved several non performing shipping loans with a total gross book value of $160m and related to defaulted shipping debt comprised dry bulk shipping, crude oil carriers and an offshore support vessel.
Some sources revealed that the NPL refers to 7 ships owned by Finaval, Four Jolly (a joint venture between Premuda and Messina Group), Perseveranza di Navigazione, Fertilia and Liberty di Navigazione. The same sources also added that those NPLs are likely to be sold by SC Lowy to Taconic Capital fund in a very short period of time.
“This is a significant milestone deal for us and underscores the value of our recent expansion in Italy” said Michel Lowy, CEO of SC Lowy. “The combination of extensive network and relationships in Italy, together with the wealth of shipping sector experience at SC Lowy Milan, enabled a highly complex transaction to be speedily executed, while also gaining the trust of multiple stakeholders”.
SC Lowy has led a number of groundbreaking debt transactions in the shipping sector in recent years including Korea Line Corporation (KLC) and Pan Ocean.