WALLESS Weekly Review
Please note that the review is in Lithuanian.
WALLESS assisted Credit Union Amber (Bankrupted) throughout the process of selling a multi-million loan portfolio. The portfolio has been sold in an auction to a winning bidder Easy Debt Service (EDS), a debt management company based in Lithuania.
The creditors of Amber chose to sell the portfolio because it was the most effective way to retrieve the maximum amount of funds. WALLESS Partner Povilas Žukauskas and the Associate Enrika Tamašauskaitė had been advising the client from the very beginning of the sale process, including assisting in organizing the auction and negotiating with potential buyers. The sale agreement with EDS was signed in February 2019 and closed in April 2019.
“The winning bidder was determined not only by taking into account the proposed purchase price, but also considering the proposed <…> structure of payment of the purchase price, [and] the commitments agreed<…>. In other words, not only the proposed purchase price competed, but also the experience and professionalism of the bidder. The purchased portfolio, indeed, motivates and inspires us”, says Mr. Tomas Svidinskas, General Manager of EDS.
WALLESS team is glad to achieve the highest benefit for both parties in yet one more successful sale agreement.