According to sources familiar with the operation, the closure of the sale is in the absence of the approval of the Deposit Guarantee Fund (FGD) since the loans are covered by the Asset Protection Scheme (EPA), an endorsement granted by the Frob to Sabadell to acquire the CAM and thus cover possible losses in the loan portfolio.
Makalu Project is one of the three portfolios of bad loans and real estate that Sabadell has in the market. Thus, the Bank would be left in the absence to place half of the batch that was put on sale last spring: the portfolio 'Coliseum', also comprised of bad loans from the old Caja and valued at other €2,500 million, and the 'Challenger project', integrated by Sabadell own properties valued at €5,000 million.
The entity announced two weeks ago the sale of the Galerna portfolio, with assets coming from the CAM valued at €900 million, to the Norwegian Axactor fund.
The deadline for the intervention funds to submit bids to be awarded one of the four portfolios ended on June 27. Among the potential new owners are investment vehicles such as Oaktree, Apollo, Bain Capital, Lone Star, Cerberus or Blackstone.