Credit-Based Asset Servicing and Securitization LLC (C-BASS), headquartered in New York, has successfully completed the sale of Litton Loan Servicing to Goldman Sachs. The sale of Litton was a key step for C-BASS to reach a long-term agreement with its secured and unsecured creditors on Nov.13, the company says. The terms of the transaction were not disclosed.
Since late July, the company has been under liquidity pressure from its lenders and worked with numerous potential counterparties to come up with a solution that would satisfy the company's creditors and equity holders. In August, C-BASS hired The Blackstone Group to assist in solving its liquidity challenges.
C-BASS says the agreement provides a framework for the company to manage its portfolio assets, allowing the underlying cashflow to repay the secured and unsecured creditors of C-BASS over time.
