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CMS Advises Heta Asset Resolution AG on Sale of Non-Performing Loan Portfolio Worth EUR 168 million


Heta Asset Resolution AG (Heta) and Hypo Group Alpe Adria closed the sale of a portfolio of non-performing loans in the amount of EUR 168 million to B2Holding. In this transaction, CMS advised Heta on all legal, regulatory and tax aspects across Croatia, Serbia, Slovenia and Montenegro. The parties already signed binding documentation in August 2014. Following the approval of the relevant local regulators the transaction was closed on 4 November 2014.

Heta is a wind-down entity owned by the Republic of Austria. Its main task is to liquidate the non-performing assets of the former Hypo Alpe-Adria-Bank International AG (HBInt.), which was nationalised in 2009, in a manner that is as effective and value-preserving as possible. B2Holding is a Norwegian-based company with a strong presence in the Nordic and Baltic markets which mainly deals with the recovery of non-performing loans. The portfolio sold to B2Holding comprises retail loans in Slovenia, Croatia, Serbia and Montenegro.

The international CMS team was led and coordinated by partner Alexander Rakosi: “We are happy and proud to have been able to support Heta in this exciting and challenging project, which was one of the first of such magnitude and complexity in the region. Our successful guidance and support in this mandate further underscores the ability of CMS to provide seamless, high-quality legal and tax support in transactional and structuring issues across multiple jurisdictions for the benefit of our clients.”

The Vienna-based CMS core team consisted of Alexander Rakosi (partner, corporate transactions/banking), who led and coordinated the transaction, and Lisa Oberlechner and Aakriti Chandihok (associates, corporate transactions/banking). They were supported by eleven CMS lawyers from the CEE countries involved in the transaction.

You can find a picture of Alexander Rakosi for free download under http://sites.cms-rrh.com/downloads/rakosi.zip

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CMS Advises Heta Asset Resolution AG on Sale of Non-Performing Loan Portfolio Worth EUR 168 million
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Portrait of Alexander Rakosi
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