Ann: CLH: Recapitalisation Transaction, page-37

In respect to the recent CLH deal, I was not able to read past the words, “The string of deals announced on Wednesday indicates Collection House’s lending syndicate, which includes Commonwealth Bank and Westpac, is . . . ” at the link https://www.copyright link/companie...rp-deal-with-collection-house-20220223-p59z24.

Those few words suggests that the two CLH deals involved multiple parties – CCP, CLH, and a few banks. The banks' approval may or may not have been legally necessary, but even if there were no legal impediments to the deal, CCP's long-term business interests would require the banks' approval, and not a grudging approval either. CCP's deal-making style is usually win-win, but if circumstances require it, then that would be extended to multi-party wins. This is a very important reputation to have, because it brings in deals like: TGA selling NCML to CCP; Encore selling Baycorp to CCP; and CLH selling its Australian book, and recently, its NZ book, to CCP. A long time ago Keith Johns of PNC fame (if that's the right word) sold two businesses to CCP, one being in Malaysia, but as that is not where CCP operates, I do not know why CCP bought the Malaysian business. If PNC gets into diabolical trouble again, Keith would know who could help get what PNC, or its book, is worth.

I used to be a salesman, andwere calling the shots at CCP, and I had a story like the above to tell, and an interest in doing something along those lines in North America, I would be very bullish about negotiating a win-win outcome for a struggling debt buyer there. In fact, I would peddle the same sales pitch to get onto any desirable debt seller's panel contract.