Cases & Deals

Artemis Securitisation to acquire portfolio of non-performing loans from Attica Bank

Clients Achilles Trust

Jones Day is representing Artemis Securitisation S.A., an entity established by Achilles Trust, in connection with its acquisition of a portfolio of non-performing loans from Attica Bank S.A., with an outstanding balance of approximately €1.3 billion (US$1.5 billion), together with the securitization of the portfolio and issuance of a junior and senior note to Attica Bank S.A. Management of the non-performing loan portfolio has been assigned to Thea Artemis. Concurrently, Attica Bank S.A. has agreed, subject to approval by the Bank of Greece, to transfer to a subsidiary of our client, Artemis Finance S.a r.l., 80% of the shares of Thea Artemis, together with the junior note issued in the securitization of the non-performing loan portfolio, for an aggregate amount of circa €70 million.