OREANDA-NEWS. November 01, 2012. KPMG as Insolvency Administrator to JSC Latvijas Krajbanka  is continuing its loan disposal process launched in June 2012 whereby KPMG is seeking to attract potential investors for the loan portfolios of JSC Latvijas Krajbanka, in liquidation. The loans have been split into five tranches based of selected characteristics of the loans (corporate, retail etc), reported the press-centre of Latvijas Krajbanka.

The process for sale of these loan portfolios proceeds according to schedule and as a result of the initial market sounding phase to identify potential interested parties, KPMG has been in contact with or has been contacted by more than 100 parties.

In its role as the insolvency Administrator KPMG’s primary goal is to maximize the recovery of funds for the Bank’s creditors including the State and accordingly key selection criteria for potential bidders includes but is not limited to the price offered by the interested party, the ability to finance the transaction, the terms of the bid, the willingness to work within the proposed timetable and the operational experience in servicing similar sizes and types of loan portfolios.

Over the next few weeks the Administrator will commence the second phase of the sale process, during which Parties who have participated in the first phase and which remain interested and meet the criteria to be included in the second phase, will be invited to continue their analysis and submit their binding offers. KPMG requires that any interested party who has not yet been invited to participate in Phase 1 expresses their interest no later than 5 November 2012.  

KPMG as liquidation administrator reserves the right, in its sole discretion, to modify the terms and conditions or terminate this process at any time (including, without limitation, negotiation with any prospective partner and entering into a definitive agreement without any prior written notice to any person), and without liability. KPMG also reserves the right to reject any and all proposals and expressions of interest.

In case of additional questions on JSC Latvijas Krajbanka loan portfolio sale process, please contact  us at lkb.portfolios@lkb.lv or +371 67 104 050.