PPU assists Alpha Capital and Vive Créditos Kusida in $94m sale to CFG Partners
PPU Colombia has represented Alpha Capital and Vive Créditos Kusida in the sale of their portfolio and other assets to CFG Partners for USD 94 million
Philippi Prietocarrizosa Ferrero DU & Uría has assisted, under Colombian law, Alpha Capital S.A.S. and Vive Créditos Kusida in the sale of their portfolio of libranzas and other assets to CFG Partners Colombia S.A.S., after CFG was the successful bidder in a 363 sale process conducted in the Chapter 11 cases of the sellers and certain of their affiliates.
This transaction was valued at $94 million US dollars, with White and Case LLP acting as New York counsel to the sellers, while Wachtell Lipton Rosen & Katz, and Brigard & Urrutia acted as New York and Colombia counsel to CFG Partners, respectively.
The firm mentioned the complexity of the transaction in a press release, stating: “From the outset, the process required a complex analysis of the most efficient way to sell the asset, taking into account the operational particularities of the Colombian drawee business. Additionally, the process required the parallel negotiation of terms with multiple participants that expressed interest in acquiring the asset from early stages, which led to the initial execution of a contract with an affiliate of Cerberus that served as the base bid in the auction of the asset (stalking horse bid) and had to be approved by the bankruptcy court of the state of Delaware. In addition to the above, the Superintendency of Companies imposed a control measure prior to the signing of the contract with Cerberus, which required the negotiation of additional terms and conditions related to obtaining the authorisation of that entity for the sale, conditions that were subsequently incorporated into the contract of CFG Partners as the winning bidder of the auction.”
“Likewise, the process was conducted after the companies obtained a DIP financing, which required keeping the financiers informed and involved in the various stages of the process. The closing of the transaction was subject to several closing conditions, which required working closely with third parties such as the Superintendencia de Sociedades and the trust companies administering the collecting trusts. In addition, the buyer financed part of the price, which involved additional challenges and joint efforts by both parties to enable the buyer to successfully close its financing,” the statement continued.
CFG Partners L.P. is a digitally evolving branch-based consumer finance company offering unsecured personal loans and ancillary credit insurance products in Panama, Colombia and the Caribbean.
PPU’s team was led by partner Hernando Padilla (pictured left), with the support of associates Paula Buriticá (pictured top right) and David Beltrán (pictured bottom right). Also participating were partners Héctor Ramirez, Felipe Cuberos, Diego Cardona, Carolina Porras, Pamela Alarcón and Juan Carlos Forero, as well as associates Diana Botero, Ximena González, Natalia Castilla, Mariana Torres, Maria Jose Rondón, Santiago Cruz, Ricardo Valencia, Juan Camilo Uribe, Mario Perez, Jorge Portocarrero and Andrea Succar.
White and Case LLP’s team included partners John Cunningham, Richard Kebrdle, Philip Abelson and Bill Parish, along with associates Amanda Parra, John Ramirez and Carlos Diaz Sordo.
Wachtell Lipton Rosen & Katz’s team consisted of partners Mark Veblen and Richard G. Mason, and associates Hannah Clark, Kelley Merwin and Adriane Sanchez.
Brigard & Urrutia’s team was comprised of partners Dario Laguado and Maria Fernanda Diago and associates Pablo Brando, Jorge Padilla, Isabela Gaviria, Natalia Castiblanco, María Camila Ordoñez and Sebastián Luque.
