EXPERIENCE & HISTORY
Whitestar was founded in 2007 by Lehman Brothers RE UK as a result of a strategic decision to place all of their Portuguese non-performing loan assets within a 100% solely-owned and managed servicing platform. This decision ended a joint venture with another North American entity that began in 2005. Most of Whitestar's existing management, staff, and platform were part of the initial joint venture company.
In September of 2008 Whitestar's owner Lehman Brothers filed for bankruptcy and PricewaterhouseCoopers (PwC) was appointed its Administrator. In 2009, Whitestar along with other Lehman assets were put up for sale by the Administrator in a competitive bid process. The sale process for Whitestar was cancelled once the Administrator became convinced that a distressed sale was less beneficial to the creditors than holding onto Whitestar and the loan assets over a period of time. The Administrator believed that significant value could be created given the lack of third party independent servicing available in the Portuguese market.
In 2010, a significant investment was made in both staff and infrastructure in order to position Whitestar for future growth.
Today, Whitestar is the largest secured default servicing and sub-performing loan platform operating in Portugal and the only independent loan servicer whose staff is experienced in managing a total solution which includes Performing, Sub-Performing and Non-Performing Loans, Property Management, and a STC (Portuguese Securitisation Vehicle).
Whitestar currently manages 13 securitisations and its team members have extensive international experience having executed and transacted numerous securitisations, portfolios, covered bonds and other debt instruments as members of ABN AMRO and RBS.
The Whitestar Team has a strong track record working with many of the major Portuguese issuers in Term and Conduit securitisations (Auto-Loans, Leasing, SME, RMBS, NPL, Leveraged Finance, Stranded Costs, Project Finance, Consumer ABS), covered bonds, due diligence, balance sheet management advisory and special servicing.
This spectrum of experience allows us to understand our client's needs.
Whitestar leads the market in all aspects of portfolio results. Year over year, Whitestar has enjoyed a significant growth in assets under management even when the market has had very few new deals.
It is a testament to our performance and our market leading position.