VION Receivable Investments, an Atlanta-based international provider of receivable investment services, is offering for sale a $1.28 billion portfolio of charged-off loans - including $880 million in late-stage agency recall accounts and $390 million in legal accounts.

The portfolio includes credit cards, medical and assorted consumer loans with more than 400,000 total accounts. The portfolio includes both legal and agency-paying accounts.

“The timing of this portfolio sale is ideal for the VION,” said Larry Curran, executive vice president at VION. “With strong market demand, we see an opportunity for our stakeholders with little risk to our business. The portfolio represents less than 10% of our revenue."

Curran added that the firm is "under little pressure to sell" and is in a position to retain the portfolio if bidding does not meet expectations.

VION has partnered with Garnet Capital Advisors for management of the sale. VION is seeking a single buyer for the portfolio but the legal and agency recall files may be sold to separate buyers. The bid date is April 11, with a projected close date on April 19.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry