Cerberus Preferred Bidder for $7 Billion of Irish Bad Loans

A unit of Cerberus Capital Management LP has been chosen as the preferred bidder for bad loans with a face value of 6.3 billion euros ($7 billion) by Ireland’s National Asset Management Agency.

The U.S. private equity firm’s bid meets NAMA’s “expectation of the proceeds that could have been realized from the management and sale of over 1,900 individual assets,” Chairman Frank Daly said in a statement Friday. No sale price was disclosed.