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The interest would represent about 47percentt of the principal amount of Target's outstanding receivables at that time.
Target, based in Minneapolis, said the sale price was equal to the gross value of the outstanding receivables at the time of closing.
Among the banks' concerns, say legal industry experts, is that Dewey's main source of collateral is the firm's outstanding receivables from completed legal work and work in progress.
The Ocwen Financial Corporation, which bought the unit, Saxon Mortgage Services, has also agreed to pay Morgan Stanley $1.4 billion for servicing outstanding receivables.
The company, which has invested more than $10 billion in Egypt over 23 years, said it had agreed to "a mechanism with the Egyptian government that will allow the company to recover all outstanding receivables".
The pair have, for example, found about $200 million in neglected outstanding receivables from old international contracts, about half of which has been recovered.
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"The company is vigorously pursuing its remedies under the contracts, including collection of the outstanding receivable amounts".
J. P. Morgan's customers have approximately $20 billion in credit card receivables outstanding, which have been bundled and sold to investors, Ms. Dublon said.
Transglobe of Canada, whose activities are concentrated in Egypt and Yemen, said it collected $41.4 million in receivables outstanding from E.G.P.C. at the end of June 30, without disclosing the total amount owed.
The acquisition of the Sears portfolio will make Citigroup the largest private-label credit card issuer in the nation, doubling the size of its private-label outstanding balances, or receivables, to $33 billion.
The debt, secured by receivables from outstanding auto loans, carries a variable rate currently about 1 percent, the same as the central bank cash.
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