Encore Capital Group, Inc. (Encore) is engaged in consumer debt buying and recovery. Encore purchases portfolios of defaulted consumer receivables at deep discounts to face value and use a variety of operational channels to maximize its collections from these portfolios. The Company manages its receivables by partnering with individuals, as they repay their obligations and work toward financial recovery. Defaulted receivables are consumers� unpaid financial commitments to credit originators, including banks, credit unions, consumer finance companies, commercial retailers, auto finance companies, and telecommunication companies, and may also include receivables subject to bankruptcy proceedings, or consumer bankruptcy receivables. In July 2013, Encore Capital Group Inc closed its acquisition of 50.1% of the equity interest in Janus Holdings Luxembourg S.a.r.l. Effective July 2, 2013, Encore acquired a 50.1% interest in Cabot Credit Management Ltd, from JC Flowers & Co LLC.