When Cerberus acquired a massive €1.3 billion bundle of distressed debt from Ulster Bank in December 2014, the international vulture fund mirrored the same structures and strategies that it had utilised on other portfolios snapped up in the aftermath of the financial collapse. First, it incorporated a new special purpose vehicle, in this case Promontoria Aran, to hold the assets, before hiring a servicing agent, Link, to effectively manage the loans. It then loaded the new SPV up with debt – some funnelled from a Cerberus company in the Netherlands, topped up with cheap debt from an external lender (Deutsche…

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