The German shipping bank
Norddeutsche Landesbank (Nord/LB) has given up on the decision to sell its
shipping loans to KKR, Nord/LB confirmed to World Maritime News.
The company said that the parties “agreed to not
pursue the mentioned shipping portfolio transaction anymore.”
Under the previous sale agreement reached between
the companies, Nord/LB was supposed to sell a portfolio of performing and
non-performing shipping loans with a total volume of about USD 1.5 billion to
KKR.
The shipping bank was reportedly expecting to
complete the sale by the end of June, however, the parties were not able to
reach an agreement on the loans.
In August 2016, Nord/LB informed that the contract
was to include up to 100 ships and would form the seed mandate for a shipping
portfolio management company that the investors would create simultaneously
with the closing of this sale.
The deal was a part of the shipping bank’s efforts
to reduce its overall ship loan exposure from its current volume of EUR 19
billion due to a slowdown in the shipping market.
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