TPG, Apollo & JC Flowers have joined forces to table the offer, which looks likely to be accepted, according to Expansion newspaper.
Cajamar setup a real estate asset management company called Cimenta2, which attempts to sell all their embargoed property. It also manages a vast amount of outstanding credits, or bad debt.
By offloading this bad debt to a third company, Cajamar artificially bolsters its core assets, raising its credit level.
Of course, if they can actually sell this bad debt to a specialised company, in exchange for cash, that’s even better.
Although, isn’t that what caused the crash in the first place?