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Deal Is Called Largest Debt Sale.(Great Seneca Financial Corp.)( Asta Funding)(Brief article)
BETHESDA, MD -- Great Seneca Financial Corp., a debt purchasing firm that acquires portfolios from financial institutions, retail card issuers and national debt buyers, has reached an agreement to sell a debt portfolio with an aggregate face value of roughly $6.9 billion in a deal that is being called the largest consumer receivables sale in history.
The buyer is Asta Funding, a New Jersey-based debt investor and collections firm, which agreed to pay $300 million in cash for the portfolio. Kaulkin Ginsberg Co. here served as strategic advisor to the seller.
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