Ann: CCR - Morgan Stanley Latest & Greatest in IPOs Presentation, page-38

Interesting take, I was assuming CCR would only take the existing book of problem receivables (ie over 90 days), but you're right if they start getting involved at the front end of the sale process then the available pool may well be much larger. I think it's unlikely these clients would give up 10% of their revenue for collection of well serviced debt that they can do themselves without and issues. Would a more likely scenario be CCR taking debt thats older than 60 days rather than waiting until it is on the verge of default at 90days? Approx 10% of debt is 90+ days old.

That might result in CCR looking at 30% or more of the debtors. I can imagine getting CCR involved for over 60 days could be of benefit if they can have a material impact on aging and reduce overall defaults. If CCR can achieve 10% of the over 60days, that could look impressive.......

PS I think TLS would be the perfect candidate for them, they have debtors book of $4.6bn, IAG have $4.5bn.