Deutsche Banks sells portions of Alliance Boot's loans
| May 15th, 2008 | ||
| Deutsche Bank was finally able to move some of the loans that funded the Alliance Boots Ltd leveraged buy out by Kohlberg Kravis Robers &Co. Hedge Fund, Apollo Management Inc and Blackstone Group LP agreed to buy $3.9 billion in loans of the $22billion take-over. The Alliance Boots LBO was Europe's largest ever. When the sale collapsed after Deutsche Bank and other lenders couldn't find buyers for the debt, panic was triggered and investors backed out leaving the banks with $230 billion in leveraged loans which eventually had to be written off. According to Paul Thompson former head of HSBC Holdings Plc, Apollo and Blackstone are `taking advantage of market dislocation' and will `later resell the debt at a profit.' | ||
For Detailed Investor Profiles on these Investors, click below: |
Apollo Capital Management |
The Blackstone Group |
Related People: Avi Katz;
Related Entities: AP Alternative Investments;
Add a Comment |
More Recent Headlines
Pirate Capital Stops Investor Withdrawals |
Icahn buys up Yahoo shares |
Amaranth's Maounis to start hedge fund Veriton |
TIAA-CREF names Roger W. Ferguson CEO and President |
Pershing Reports 15% Stake in Wendy’s |
Mayor Mike to Buy NY Times |
Temasek bought $600 million stake to help Merrill in Feb |
TCI faces security setback on J-Power |
PE Funds Buying Citi Loans on the Cheap |
Bill Miller Takes Yahoo's Side Against Microsoft |
