Quasar, the company owned by Santander and Blackstone that groups together Popular’s former doubtful loan portfolio and which owns the servicer Aliseda, has started to default on some of the ratios associated with the 7.3 billion euro syndicated loan that it signed three years ago.
According to the newspaper Expansión, “at the end of 2019, the group defaulted on one of the ratios associated with the syndicated loan. As a consequence of this, it is in a cash trap event situation, which means that the group must retain all of its excess cash flows, without the possibility of spending them, in an account called a cash trap account”.
Read the full article in Spanish.