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Poland-based Kruk acquires Romanian debt portfolio from GetBack

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Poland-based Kruk acquires Romanian debt portfolio from GetBack

Polish debt collector Kruk Spólka Akcyjna finalized the purchase of a Romanian debt portfolio from GetBack SA, which is undergoing restructuring.

The portfolio includes over 640,000 cases and was acquired by Kruk from GetBack Recovery Srl for 37.4 million zlotys. The debt covered by the sale agreement was assigned to Kruk after the parties had met all formal requirements regarding the deal and secured the approval of GetBack's insolvency administrator.

GetBack has been divesting its debt portfolios in order to finance repayments to its creditors. In April, the company off-loaded a debt portfolio worth about 400 million zlotys to the local unit of Hoist Finance AB (publ) and used the proceeds from the transaction to pay off secured creditors.

As of Oct. 17, US$1 was equivalent to 3.85 zlotys.