Entries tagged "leveraged debt"
Most PE firms across the board have likely already marked debt bought with leverage to zero.
Maybe buying all those heavily discounted loans from the banks wasn't such a good deal after all. It appears that Apollo Management LP is the first to get burned on the debt that buyout shops bought (supposedly) on the cheap from Wall Street banks in 2008, as the private equity firm is left holding the bag on $2 billion in debt from now bankrupt Lyondell Chemical Co....
Deutsche Bank AG has succeeded in unloading roughly $5 billion in leveraged loans at around 90 cents on the dollar, according to a Reuters report. The news service attributes the information to an unnamed source familiar with the matter....
Citigroup Inc., Deutsche Bank AG, Goldman, Sachs & Co. and other banks are moving aggressively to sell big blocks of leveraged loans and high-yield bonds to private equity firms, although they're taking quite the haircut to do it....
