Corporate debtors have gotten a government bailout. Financing provided to
bankrupt automobile manufacturers Chrysler LLC and General Motors Corp. has
driven the U.S. Department of the Treasury to become the most powerful
debtor-in-possession financer in the first half of this year. Treasury's
high-octane financial fuel involved three deals worth $29.3 billion.
The government of Canada rode shotgun on two of the GM and Chrysler deals,
committing $10.2 billion via Export Development Canada.
The picture framed on top DIP lenders by number of deals revealed Wells
Fargo & Co. as the most active. Wells Fargo captured 28 commitments for
$834.7 million. An $85 million credit to photography company Ritz Camera
Centers Inc. qualified as the bank's largest deal. - Neil Malcolm
| Bankruptcy financing: Top DIP lenders by volume |
| Top debtor-in-possession lenders, Jan. 1-June 30, 2009 |
Rank |
Lender* |
No. of commitments |
Volume ($mill.) |
1 |
U.S. Department of the Treasury |
3 |
$29,269.0 |
2 |
Export Development Canada |
2 |
10,166.0 |
3 |
Citigroup Inc. |
6 |
2,152.2 |
4 |
General Electric Co. |
15 |
1,700.8 |
5 |
Goldman Sachs Group Inc. |
2 |
912.0 |
*Includes loans provided by units. Of recent note: Bank of America Corp. includes Merrill Lynch & Co.; General Electric Co. includes CitiCapital and Merrill Lynch Capital Corp.; Barclays plc includes Lehman Brothers Inc.; Cerberus Capital Management LP includes GMAC LLC and Chrysler LLC; PNC Financial Services Group Inc. includes National City Corp.; Wells Fargo & Co. includes Wachovia Corp.
Source: pipeline.thedeal.com |
| Bankruptcy financing: Top DIP lenders by number |
| Top debtor-in-possession lenders, Jan. 1-June 30, 2009 |
Rank |
Lender* |
Volume ($mill.) |
No. of commitments |
1 |
Wells Fargo & Co. |
$834.7 |
28 |
2 |
Bank of America Corp. |
670.5 |
22 |
3 |
General Electric Co. |
1,700.8 |
15 |
4 |
CIT Group Inc. |
188.9 |
9 |
5 |
Citigroup Inc. |
2,152.2 |
6 |
*Includes loans provided by units. Of recent note: Bank of America Corp. includes Merrill Lynch & Co.; General Electric Co. includes CitiCapital and Merrill Lynch Capital Corp.; Barclays plc includes Lehman Brothers Inc.; Cerberus Capital Management LP includes GMAC LLC and Chrysler LLC; PNC Financial Services Group Inc. includes National City Corp.; Wells Fargo & Co. includes Wachovia Corp.
Source: pipeline.thedeal.com |
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