Astaldi creditors have opportunity to sell claims to motivated investors via Debitos marketplace
- Unsecured creditors have opportunity to sell Astaldi claims via Debitos marketplace
- Secondary sales via digital debt platforms provide transparency and increase market liquidity, improving achievable recoveries
- Debitos platform offers fast and efficient alternative for creditors that do not wish to wait for the conclusion of liquidation proceedings
Frankfurt – December 6, 2022: Debitos, the leading secondary market for loans in Europe for banks and investors, offers creditors in the “liquidation perimeter” of Astaldi, the Italian construction company, to sell their claims to other investors via the digital marketplace.
Motivated investors willing to purchase outstanding Astaldi debt are currently active on the Debitos platform.
Astaldi was split into two separate entities in a demerger which completed in November 2020. The “liquidation perimeter” was comprised of non-core assets that were not acquired in the equity acquisition by Webuild, formerly known as Salini Impregilo.
Under the terms of the demerger, unsecured creditors were assigned Participative Financial Instruments (PFI) legal rights to the proceeds from the disposal of the liquidation perimeter non-core infrastructure and real estate asset portfolio. The fair value of PFIs was €739 million, as at January 2020, according to the Astaldi restructuring plan. Asset disposals are expected to complete in 2023. Total outstanding unsecured credit in the “liquidation perimeter” of Astaldi was €3.6 billion, according to the Judicial Commissioners and reported in the consolidated financial reports as of 30 June, 2022.
“Astaldi creditors who want to exit their claims in the secondary market can now do so through the Debitos platform, which has active motivated investors keen to buy,” says Timur Peters, founder and CEO of Debitos. “Debitos provides a secure and confidential marketplace for creditors to trade positions efficiently with a depth of investor liquidity which supports a narrow bid-ask spread, allowing selling creditors to secure the best possible recoveries for their investments.”
Debitos has growing track record in creating a marketplace for creditors with recoveries subject to ongoing bankruptcy and liquidation proceedings. In August, Debitos extended to creditors of Greensill Bank Insolvenz the opportunity to sell their claims to other investors via the digital marketplace. Prior to which, Debitos created a marketplace for the insolvency of Prokon, TelDaFax and KirchMedia. “Digitalised secondary marketplaces are a fast and efficient alternative to traditional sales processes, which are often slower, less liquid and transparent,” Timur Peters added.
Last month, Debitos announced two new client tools and services to our every-expanding platform. Debitos has integrated a business intelligence tool – called the Servicing Navigator – which connects debt investors and banks with loan servicers via the platform to efficiently match best-suited business partners. Debitos has more than 400 of the biggest loan servicers and 1,700 investors (of which more than 700 interested to invest in Italy) registered from 16 different countries. Separately, Debitos launched a service to coordinate cooperation and transactions in multi-creditor loan facilities. The Creditor Coordination Service leverages the Debitos marketplace to connect disparate creditors in widely held corporate loan facilities including non-performing loans (NPLs), sub-performing syndicated loans or Promissory Note and unlikely-to pay (UTP) debt in corporate restructurings, insolvencies and loan defaults.
Debitos is the leading loan transaction platform in Europe that enables banks, funds and companies to sell their credit exposures on the market through its open and transparent auction-based online transaction platform.
The platform leverages on the digitalisation of the entire sale process and can reduce the expected disposal timing to 3-8 weeks compared to 3-6 months of the traditional process. Debitos was founded in Frankfurt in 2010 and has since successfully transacted more than 800,000 loans in 16 countries. By now, more than 1,700 investors from all over Europe have registered with Debitos.