Apollo Unit To Spend $236M For Lloyds Irish Loan Portfolio

Law360, New York (November 19, 2012, 1:50 PM EST) -- An affiliate of private equity-backed Apollo Global Management LLC is buying a pool of distressed Irish commercial real estate loans from Lloyds Banking Group PLC for £149 million ($236 million), Lloyds announced Monday.

The portfolio, which will be purchased by Risali Ltd. for a few pennies on the dollar of face value, is backed by assets of £1.4 billion, but has been bleeding money since the real estate market went bust, Lloyd's said. It scored losses of about £202 million last year, according to Lloyds....
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