Ashurst has advised McGrathNicol as receivers of Banksia Securities Limited (Banksia), on the A$238.8 million Banksia loan portfolio sale to Deutsche Bank.
Debenture issuer Banksia, a rural lender which operated mostly in Victoria, was placed in receivership in October 2012. The receivers conducted a sale process of a performing loan portfolio originated by Banksia, valued at A$238.8 million.
Ashurst joint lead partners advising on the sale of loan portfolio, Jamie Ng and Timothy Sackar said: “It was a pleasure to work with the McGrathNicol team to achieve this outcome on this aspect of the receivership. The deal represents a real success for the Banksia debenture holders as a result of the sale by McGrathNicol of the portfolio to Deutsche Bank.”
Completion of this sale process was significant in that it represented an outstanding result for debenture holders who are currently expected to be returned up to 85¢ in the dollar.
Ashurst lead partner on the restructuring aspects of the transaction Michael Sloan, commented: “We are delighted that we could help to achieve an excellent result for the debenture holders, especially those who have suffered because of the Banksia collapse.”
The successful sale of the portfolio to Deutsche Bank further reflects the strength and maturity of Australia’s secondary debt market.
The Ashurst team advising on the sale of loan portfolio included partners Jamie Ng and Timothy Sackar, and senior associates Kenneth Nguyen, Anthony Tesvic and Doug Fung. Partner Michael Sloan, senior associates Alice Morrison and Meredith Bennett, and lawyers Alinta Kemeny and Michael Murray provided restructuring advice on the matter.
Related Posts:
- None Found