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JP Morgan, Wells Bid For Anglo Irish Debt

JP Morgan Chase and Wells Fargo are seeking to acquire portions of Anglo Irish Bank’s $9.65 billion of U.S. property loans.

JP Morgan Chase and Wells Fargo are seeking to acquire portions of Anglo Irish Bank’s $9.65 billion of U.S. property loans, Bloomberg reports. The banks have bid to purchase parts of a $4.52 billion of performing loans of the Dublin-based bank.

Investor groups led by private equity firms Blackstone and Lone Star Funds have also proposed to buy parts of the portfolio, which consists of $5.13 billion of subperforming and non-performing debt. A syndicate of lenders, such as Bank of America, RBC Capital Markets, Citigroup and Macquarie Bank are also eyeing the portfolio. Anglo Irish is being advised by Eastdil Secured and FTI Consulting on the sale.

Click here for the story from Bloomberg.

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