On 29 May 2018 Piraeus Bank S.A. announced that it has entered into an agreement with Bain Capital Credit LP regarding the sale of non-performing and denounced corporate credit exposures, secured with real estate collateral, equivalent to €1,950mn total legal claims or €1,450mn on-balance sheet gross book value (also known as “Project Amoeba”). Karatzas & Partners advised Bain Capital on all Greek law aspects of the structuring and implementation of the transaction, which is the first commercial real-estate backed NPE sale taking place in Greece and is predestined to set the mark for future similar transactions in the secured corporate loans space. . The completion of the transaction is subject to customary conditions, regulatory and other approvals by the respective authorities in Greece, including the consent of the Hellenic Financial Stability Fund.