classic furniture chain owner pursued by cerberus for €4.3m recession-era debt

by:Senbetter     2019-12-02
Classic Furniture is a national chain that enters bankruptcy management during the recession, and the owner of the company is seeking a 4 euro acquisition. 3m by the so-
Called Vulture fund Cerberus
David Langan, who owns seven furniture stores with sales of 13 euros during peak hours, provided personal guarantees for borrowing from alst Bank from 2002 to 2008.
Bank loans were purchased in 2014 by Cerberus company Promontoria Aran.
In a legal action against Promontoria, Langan claims that the bank\'s transfer of his loan and guarantee to Cerberus is invalid and that he is not responsible for the debt.
He also claimed that on 2008, he entered into a binding agreement with alst bank that would waive the cost of a mortgage for a London apartment.
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