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CRC, Elliott, Pacific Global in race for Banco BPM bad loan securitization

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CRC, Elliott, Pacific Global in race for Banco BPM bad loan securitization

Firms including Christofferson Robb & Co. LLC, Davidson Kempner Capital Management LP, Elliott Management Corp. and Pacific Investment Management Co. LLC have bid for the riskiest parts of a securitization backed by €5.1 billion worth of Banco BPM SpA's bad loans, Bloomberg News reported, citing people with knowledge of the matter.

Bidders have until June 18 to submit final offers, the people said. The bank's board recently approved the securitization of the bad loan portfolio to a special purpose vehicle called Red Sea SPV Srl.