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Report: Monte dei Paschi receives nonbinding bids for bad loan platform

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Report: Monte dei Paschi receives nonbinding bids for bad loan platform

Aconsortium comprising Christofferson Robb & Co. LLC and , a group comprisingU.S.-based Lone Star and Italian servicer CAF, and other specialized investorssubmitted nonbinding offers to acquire a platform that will manage part of 's bad loans, Reuters reported, citing "three sources closeto the matter."

, and CervedCredit Management were among others who presented bids for the platform,according to the sources, who did not specify if two or more of the bidders were working together. Monte dei Paschi iscollaborating with Mediobanca to establish the platform, which will manage abad loan portfolio likely to be worth approximately €9 billion, the Sept. 30report added.

Montedei Paschi's €27.7 billion in badloans are being sold through a complex securitization as part of arescue plan for the Italian lender to address capital concerns, Reuters noted.