Davidson Kempner Capital Management News

Piraeus Bank, one of Greece’s four largest lenders, said on Tuesday it had reached a deal to sell a portfolio of non-performing shipping loans to an entity affiliated with Davidson Kempner Capital Management.The agreed price will be about 53% of the portfolio’s gross book value of 400 million euros ($452 million), the bank said.The sale of the portfolio, dubbed project Dory, is subject to approval by the Hellenic Financial Stability Fund, a shareholder in Piraeus Bank, the lender said.The transaction will reduce Piraeus Bank’s ratio of non-performing exposures to about 15% from 16% at the end

Lloyds Banking Group has reached an agreement to sell $500 million of shipping loans from its remaining ship finance portfolio, finance and banking sources familiar with the matter said on Wednesday. Bank of America and U.S. hedge fund Davidson Kempner Capital Management were expected to buy the loans, one of the sources said. Lloyds, Bank of America and Davidson Kempner all declined to comment. (Reporting by Jonathan Saul and Matt Scuffham; Editing by Pravin Char)