Thai Danu achieves landmark bad loan sale

DBS Thai Danu Bank (Danu) has sold 77% of its bad debts to two parties – a fund owned by Lehman Brothers and local finance company National Finance – at an average of 29 cents on the dollar. Danu raised Bt8.4 billion ($205 million) by selling loans in default with a combined face value of Bt31 billion, according to a company statement on Thursday. Danu, a unit of Development Bank of Singapore (Singapore’s biggest bank), becomes the first Thai bank to get rid of its bad debt altogether…