Stratulat Albulescu Attorneys at Law (SAA) advised Luxembourg-based Valori Credit Fund SCSp, SICAV RAIF on the Romanian legal aspects of its acquisition of a cross-border portfolio of non-performing and sub-performing corporate and consumer receivables, predominantly secured by real estate mortgages, from AMCO – Asset Management Company S.p.A. (Project Callaghan).

The portfolio, with an aggregate unpaid legal balance of approximately EUR 217 million, comprises receivables arising from loan and finance lease agreements across Romania, Croatia, Moldova and Albania. AMCO had previously acquired the portfolio from Veneto Banca.

The transaction was signed in March 2026 and completed in September 2026, following a complex cross-border process involving multiple legal and regulatory workstreams.

SAA advised the purchaser throughout the acquisition process, conducting legal due diligence on the Romanian portfolio, providing preliminary transaction structuring advice, assisting with the negotiation of the transaction documentation, and supporting the purchaser through signing and closing. In addition to advising on the Romanian legal and regulatory aspects of the acquisition, the team, led by Partner Andreea Șerban, coordinated transaction documentation negotiations across all four jurisdictions. The mandate also encompassed competition law matters and legal assistance in obtaining the required foreign direct investment (FDI) approval in Romania.

Viktor Levkanic, Founding Partner of Valori Capital, which advised the fund on the acquisition, commented:

"Project Callaghan represents an important milestone for Valori Capital and reflects our continued focus on investment opportunities in the European private credit and distressed asset markets. Acquiring a portfolio of this scale across four jurisdictions required a coordinated approach and the ability to navigate complex legal and transactional challenges. The Stratulat Albulescu team brought together strong technical expertise, commercial judgement and a genuinely solutions-oriented approach. We particularly valued their responsiveness, ability to manage complex negotiations and commitment to achieving a successful outcome throughout the transaction."

Andreea Șerban, Partner, Corporate/M&A at SAA, who led the legal team advising on the portfolio acquisition, commented:

“In complex portfolio acquisitions, legal due diligence is only the starting point. The real challenge lies in translating its findings into a sound transaction structure, effective contractual protections and workable closing mechanics. Project Callaghan required us to combine detailed legal analysis of the Romanian portfolio with the coordination of transaction negotiations across multiple jurisdictions, ensuring a consistent approach while keeping the purchaser's commercial objectives firmly in focus. We are pleased to have supported Valori Credit Fund throughout the acquisition process, from preliminary structuring to signing and closing, and greatly valued the trust placed in our team and the close collaboration with Valori Capital.”

“We are honoured to have had the opportunity to work closely with all parties involved in a transaction of such complexity. Structuring the financing and the related documentation required a rigorous and pragmatic approach, as well as close coordination across the parties and jurisdictions involved, while ensuring compliance with the applicable regulatory requirements. The successful completion of this transaction further demonstrates our team’s experience in handling complex financing mandates with a significant cross-border dimension. We are grateful for the trust placed in us, and congratulations to everyone involved in making this transaction a success", said Andreea Nedeloiu, Partner and Head of Banking & Finance at SAA.

Valori Capital (https://www.valori-capital.com/) is a European investment and asset management group focused on the acquisition and management of real estate-backed non-performing loan portfolios and related special situations across European markets.

AMCO – Asset Management Company S.p.A. (https://www.amco.it/en/) is an Italian state-owned entity specialising in the management and recovery of non-performing exposures and one of Italy’s largest credit management companies.

The SAA acquisition team was led by Andreea Șerban (Partner, Corporate/M&A), supported by Alexandru Ulici (Managing Associate) and Raul Aramă (Associate) on transactional matters. Victor Iacob (Counsel) and Alexandru Lazăr (Senior Associate) advised on competition law matters and assisted with obtaining the Romanian foreign direct investment (FDI) approval.

As part of a separate workstream, Andreea Nedeloiu (Partner and Head of Banking), with the support of Livia Tuca (Senior Associate), Diana Sterea (Associate) and Razvan Tobol (Associate), advised on the structuring and documentation of the financing arrangements in connection with the acquisition of the portfolio.