VION Completes Sale of $1.3B Loan Portfolio
VION Receivable Investments (VION) announced the closing (sale) of a non-performing loan portfolio with an approximate face value of $1.3 billion. The portfolio was traded to two buyers, segmented by medical accounts, and second grouping of credit card, commercial and consumer loan accounts.
“Our goals were to capitalize on favorable market pricing and free operational resources to pursue other VION business interests, and we successfully achieved both,” said Larry L. Curran II, VION chief development officer. “This closing will enable VION to expand acquisitions of performing and mixed (non-performing, delinquent, and charged off) accounts receivable portfolios, both domestically and abroad.”
Jason Van Vacter, VION VP of Operations added, “A portfolio of this size with hundreds of thousands of accounts is an enormous undertaking for the broker and our internal operations staff. We are impressed and pleased with the outcome and the efforts of Garnet Capital Advisors. Internally, we worked tirelessly to deliver 12 months of complete and verifiable data for buyer review, and our work received unanimous positive feedback. Moving forward, VION staff will provide post-sale support services for the respective buyers.”
Lou DiPalma, Garnet managing partner, said, “Garnet was pleased to assist the VION team in achieving their goal of streamlining their portfolio. Their preparation, professionalism and focus are exceptional.”
In 2013, VION will continue its strategy of joint venture relationships for originating and purchasing new consumer loans, factoring, divestitures, wind downs and bankruptcy liquidations.
Garnet Capital Advisors is a boutique financial-services company specializing in managing loan portfolio sales for creditors and providing advisory services to the debt purchasing industry
VION Receivable Investments is an international provider of receivable investment services to businesses managing consumer and commercial receivables.