My understanding is the Balbec JV was set up ~10 years ago to enable CLH to increase it's PDL buying program in a less capital intensive way. Balbec recently decided the 'servicer risk' of CLH was too high and opted to wind down the JV. As part of that, Balbec has sold the assets and under the terms of the deal, CH is entitled to a proportion of the future servicing fees it would have received (essentially like a contract break fee). So some badly needed cash in for CH, but this is in no way a good news story, and leaves more fixed costs and under-utilised staffing to deal with.
