UK Gets $615M In Northern Rock Loan Sale To JC Flowers

Law360, New York (July 24, 2013, 1:49 PM EDT) -- State-run British “bad bank” UK Asset Resolution Ltd. will sell a portfolio of personal loans formerly held by nationalized lender Northern Rock PLC to New York investment firm J.C. Flowers & Co. LLC for £400 million ($615 million), it said Wednesday.

The deal comes after local news reports surfaced last week that said the firm was closing in on the Northern Rock portfolio. UKAR had been scouting potential buyers as it winds down the mortgage and loan holdings of the government-owned businesses it oversees, including units...
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