New fund to buy toxic assets in Eastern Europe

IFC, a member of the World Bank Group; the European Bank for Reconstruction and Development; and CRG Capital, a leading restructuring fund manager have launched the first fund dedicated to investing in distressed assets in Central and Eastern Europe, January 2010.

The CEE Special Situations Fund will invest in underperforming companies to support recovery in the region. It is being established by CRG Capital. The fund aims to raise €200 million, with EBRD, IFC, and CRG Capital initially committing a total of €36 million. It will focus on the acquisition, turnaround, and resolution of corporate distressed assets in Central and Eastern Europe.

• Primary Source

EBRD: Press Release, 11.1.10: IFC, EBRD, and CRG Capital launch first restructuring fund for central, eastern Europe to support region’s recovery http://www.ebrd.com/pages/news/press/2010/100111.shtml

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