Debt chasing giant Credit Corp has taken a crippling monkey off the back of floundering rival Collection House, acquiring $50 million of the under-pressure company’s banking debt and its last big ledger asset.
The string of deals announced on Wednesday indicates Collection House’s lending syndicate, which includes Commonwealth Bank and Westpac, is taking a major haircut on money owed.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
