Intrum Lands Creditors' Approval to Sell JV Stake

Intrum (INTRUM.ST) secured creditors' consent to proceed with the sale of its 35% stake in a portfolio held by its joint venture with Cerberus Capital Management affiliate Brocc Finance. The sale is now expected to close on July 10, the credit management services provider said Friday. The proceeds, estimated at 217 million euros, will be used to reduce Intrum's second-lien exchange notes.