The financially strained debt collection company Intrum – which has lost 57 percent of its stock market value this year – has completed the sale of a large part of its investment portfolio to subsidiaries of Cerberus Capital, writes Intrum in a press release.
"The net proceeds of 7.2 billion kronor will be used in its entirety to reduce debt", writes Intrum.
The proceeds are one billion lower than earlier estimates presented by Intrum. According to the company, this is due to a later access date.
"As Intrum has generated revenue from the portfolio until completion, the total proceeds remain unchanged", writes the company.
The goal is now to bring Intrum's net debt below 49 billion kronor.
"As a result of the transaction, Intrum's investment portfolio is reduced to approximately 24 billion kronor. This exceeds Intrum's previously communicated goal of 30 billion kronor", writes Intrum.
