Preliminary bids for BTG Pactual unit expected for Wednesday -sources
By Guillermo Parra-Bernal and Tatiana Bautzer
SAO PAULO Dec 15 (Reuters) - Brazilian investment bank Grupo BTG Pactual SA has asked interested parties in its stake in debt collection firm Recovery do Brasil SA to deliver their proposals by Wednesday, five people with direct knowledge of the situation said.
According to one source, as many as 23 firms expressed interest in Recovery, Latin America's largest debt collector, although no more than half a dozen are expected to submit non-binding offers.
Lone Star Funds, Apollo Global Management LP, Elliot Management Corp, Oaktree Capital LLC and KKR & Co LP are among firms specializing in distressed debt investments that may bid for the 82 percent stake that BTG Pactual owns in Recovery, said the sources, who requested anonymity because negotiations are under way.
BTG Pactual declined to comment. Lone Star, Apollo Elliot, Oaktree, Centerbridge and Monarch did not have an immediate comment.
($1 = 3.8749 Brazilian reais) (Editing by James Dalgleish)
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