Altus

completed

The project entails a twofold investment: IFC will provide a loan to a to-be formed Special Purpose Vehicle (SPV), which along with the equity investment of the two sponsors of Altus Capital Partners (“Altus”), will establish a platform for the acquisition and resolution of Distressed Assets (“DAs”) in the Philippines. The SPV will acquire DAs consisting of sub/non-performing portfolios of assets and sub/non-performing single assets, including real estate-related performing, sub/non-performing loans, securities, assets and similar instruments, and distressed assets derived from special situations. IFC will invest equity in a to-be formed Altus Holding Company (“HoldCo”) that will be the vehicle that holds interests in local servicing companies, such as 100% in Altus Capital Partners (PH) and potentially other servicing companies in Asia.The proposed project is part of IFC’s Debt and Asset Recovery Program (“DARP”), a crisis response initiative approved by the Board in August 2009, which focuses on DAs, roll-over risk and restructurings. DARP’s strategy is to revitalize financial systems through investments in DAs and servicing companies / platforms.