Reuters logo
Puerto Rico's Popular to sell $568 mln in bad loans
March 1, 2013 / 12:16 PM / 5 years ago

Puerto Rico's Popular to sell $568 mln in bad loans

March 1 (Reuters) - Puerto Rico-based lender Popular Inc said it would sell $568 million portfolio of non-performing loans to a joint venture between Caribbean Property Group and funds affiliated with Perella Weinberg Partners.

Popular will receive about $112 million in cash, a note for about $203 million, and a 24.9 percent interest in the joint venture.

The transaction is expected to result in an after-tax loss of about $185 million, which will be recognized in the first quarter.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below