Zepos & Yannopoulos advises the investors on Project Earth, a sale of a c.2 billion Euro unsecured NPL portfolio by NBG

Zepos & Yannopoulos advises the investors on Project Earth, a sale of a c.2 billion Euro unsecured NPL portfolio by NBG

Zepos & Yannopoulos advised CarVal Investors and Intrum on the acquisition of a portfolio of non-performing unsecured retail and small business loans of an outstanding principal amount of c.€2.0 billion sold by National Bank of Greece (Project Earth).

The transaction followed the market trend for this type of portfolios, applying an outright sale scheme under Greek law 4354/2015 on the sale and servicing of non-performing exposures. Project Earth offered a purchase price at nearly 6% of the total outstanding principal amount of a considerably diversified product base of consumer and small business credit which was included in the transaction perimeter. The servicing of the portfolio was assigned to QQuant Master Servicer, Qualco’s licensed servicing entity.

Zepos & Yannopoulos assisted the purchasers throughout the process, from the very preparatory stages of the transaction and submission of their bids, to the negotiation of the sale and purchase documentation, on to the drafting and execution of the servicing agreement and all ancillary operational agreements and finally to the perfection and successful closing of the transaction. 

The Zepos & Yannopoulos team was led by partner Christina Papanikolopoulou assisted by senior associate Kely Pesketzi and associates Mary Nigritinou, Athina Palli and Paris Tzoumas. Tax advice was provided by partners Daphne Cozonis and Alex Karopoulos. Our data protection partner Takis Kakouris assisted with advice on the relevant GDPR considerations.