Restructuring Fund For CEE To Support Region's Recovery is Being Launched

IFC, a member of the World Bank Group, the European Bank for Reconstruction and Development and CRG Capital, a leading restructuring fund manager have launched the first fund dedicated to investing in distressed assets in Central and Eastern Europe.

The CEE Special Situations Fund will invest in underperforming companies to support recovery in the region. It is being established by CRG Capital. The fund aims to raise €200 million, with EBRD, IFC, and CRG Capital initially committing a total of €36 million. It will focus on the acquisition, turnaround, and resolution of corporate distressed assets in Central and Eastern Europe.

The fund forms part of the Debt and Asset Recovery Program launched by IFC during the 2009 World Bank Group's Annual Meetings in October 2009.