Independent journal on economy and transport policy
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Portfoliomanagement (Hamburg and Schleswig-Holstein) cedes the last substantial portfolio of naval loans stemming from HSH Nordbank
It has been acquired by a consortium made up of Bank of America and Davidson Kempner
February 22, 2022
Portfoliomanagement, the liquidation entity formed in 2015 by the Hamburg administration and the Land of Schleswig-Holstein, has ceded to a consortium made up of the US Bank of America and Davidson Kempner the last major portfolio of naval loans in its own possession relative to 56 vessels part of the portfolio of HSH Nordbank, the banking institution participated by the city of Hamburg and the State of Schleswig-Holstein that had entered crisis coinciding with the global financial crisis of 2008-2009 and that in the following years, through an agreement of restructuring with the European Commission, had unloaded naval loans on the bank's public shareholders that subsequently had ceded their holdings in HSH Nordbank to a group of private equity firms. Mission of portfoliomanagement is to manage the portfolio of deteriorated naval loans acquired in mid-2016 by the former HSH Nordbank (now Hamburg Commercial Bank after privatization). This is a volume of receivables worth at June 30, 2016 of 4.1 billion euros guaranteed by 253 vessels, which then were acquired for 2.4 billion euros.
The transaction, with the signing of the contract on Thursday, said the sale price was higher than the original purchase price, the company said.
"After the last few years with a lot of negative and negative news about HSH Nordbank, we have good news today : the management of the portfolio has come to fruity through a careful review," said Andreas Dressel, a senior senator in the finance ministry. restructuring. The reduction in the current loan portfolio since 2016 and now the sale in block of most of the remaining loans with the significant burden reduction for the taxpayers of Hamburg and Schleswig-Holstein. " "All is well what ends well?" Dressel added. "Unfortunately, no, because losses remain in the order of the billions that taxpayers will have to pay back in the decades to come," he said.
"With the sale, we are drawing a line under the dark chapter of HSH Nordbank," said Monika Heinolg, the finance minister of Schleswig-Holstein. "To us, as a country, it should serve as a warning not to invest again in speculative and high-risk activities," he said.
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Portfoliomanagement, the liquidation entity formed in 2015 by the Hamburg administration and the Land of Schleswig-Holstein, has ceded to a consortium made up of the US Bank of America and Davidson Kempner the last major portfolio of naval loans in its own possession relative to 56 vessels part of the portfolio of HSH Nordbank, the banking institution participated by the city of Hamburg and the State of Schleswig-Holstein that had entered crisis coinciding with the global financial crisis of 2008-2009 and that in the following years, through an agreement of restructuring with the European Commission, had unloaded naval loans on the bank's public shareholders that subsequently had ceded their holdings in HSH Nordbank to a group of private equity firms. Mission of portfoliomanagement is to manage the portfolio of deteriorated naval loans acquired in mid-2016 by the former HSH Nordbank (now Hamburg Commercial Bank after privatization). This is a volume of receivables worth at June 30, 2016 of 4.1 billion euros guaranteed by 253 vessels, which then were acquired for 2.4 billion euros. 
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
