MIAMI, November 19, 2021 / PRNewswire / – Alpha Latam Management, LLC and certain of its affiliates that have filed voluntary requests for relief under Chapter 11 of the United States Bankruptcy Code (collectively, the “Debtors”) with the Bankruptcy Court of district of Delaware (the “bankruptcy court”) announced the approval of the proposed sale of the loan portfolio and certain related assets of the debtor entities Alpha Capital SAS and Vive Créditos Kusida SAS (together, the “Colombian sellers”) to CFG Partners Colombia SAS (“CFG Partners”) by the tribunal de grande instance on November 16, 2021, following a successful auction process.
The proposed sale, which went to bankruptcy court on Tuesday, is expected to produce a gross value of around US $ 149.5 million. CFG Partner’s successful bid is the result of six rounds of competitive auctions during the auction and is higher than the purchase price reflected in the APA Stalking Horse approved by the bankruptcy court in early October of US $ 134.9 million.
CFG Partners’ offer was ultimately considered the highest and best offer because, in addition to the purchase of the loan portfolio assets, it included the support of Colombian sellers. Bogota head office lease, purchase of assets and equipment related to head office facilities, and the potential hiring of some of the Debtors’ employees.
The closing of the sale is conditional on the regulatory approval of the Colombian Superintendent of Companies and other customary closing conditions.
Oriol Segarra, President and CEO of CFG, said: “We are pleased to announce the acquisition of Alpha’s Colombian loan portfolio, which will accelerate the strategic geographic expansion of our operations in Colombia which will now become an important growth engine for CFG. Colombia is similar to our existing operations in other geographies where CFG has maintained a leading franchise for decades. We have already assembled an experienced local management team in this market who will manage the acquisition of Alpha and lead the launch of our payday loan deduction product through digital channels over the coming months, ”said Eduardo Arguello, SVP Strategy and Business Development.
Debtors are advised by White & Case LLP and PPU. Rothschild & Co acted as the Debtors’ investment banker for the proposed transaction. Wachtell, Lipton, Rosen & Katz is acting as legal counsel to CFG in connection with the transaction, and Brigard Urrutia as Colombian legal counsel.
AlphaCredit© is a technology-driven financial services company in Latin America which has historically provided consumer loans to individuals and financial solutions to SMEs in Mexico and Colombia.
About CFG Partners
CFG Partners LP is a digitally evolving branch-based consumer credit company offering unsecured personal loans and ancillary credit insurance products in Panama and the Caribbean. CFG has more $ 430 million in receivables and 110,000 customers spread over 70 sites in seven jurisdictions and 1,100 employees. Since 2007, CFG was born on $ 3.4 billion unsecured personal loans. BayBoston Managers LLC is the sponsor of CFG and the principal investor of an international group which includes Insigneo Financial Group, Elias Group, Victory Park Capital, Amzak Capital and M & A Capital.
This press release includes “forward-looking statements”. Forward-looking statements are not statements of historical fact and reflect the current views of Debtors on future events. The words “believe”, “estimate”, “expect”, “anticipate”, “project”, “,” “. similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Although the Debtors believe that their expectations reflected in the forward-looking statements are reasonable and are based on reasonable assumptions, certain risks and uncertainties could cause actual results to differ materially from the projections, anticipated results or other expectations expressed therein. communicated. These risks and uncertainties include, without limitation, the risks associated with our ongoing discussions with creditors, including our ability to negotiate agreements with our creditors on commercially favorable terms or not at all, limitations on availability capital, the volatility of the Debtors ‘business, the Debtors’ ability to comply with their financial and other covenants and measures in their financing agreements, and, with respect to the proposed sale, the risk that the closing conditions for make the proposed sale are not fulfilled. Any forward-looking statement speaks only as of the date on which such statement is made, and the Debtors assume no obligation to update or revise any forward-looking statements contained herein or any other forward-looking statements made by them. Accounts receivable, whether as a result of new information, future events or otherwise. This communication does not constitute an offer to sell or the solicitation of an offer to buy securities.
SOURCE Alpha Latam Management, LLC