http://www.bloomberg.com/apps/news?pid=20601087&sid=az7aB7LzpHH8&refer=home
Interesantísimo artículo para apreciar cómo la bola de nieve se hace cada vez más grande. Y nos presentan al New Century Financial de los private equity funds: Focus DIY Group Ltd.
"Debt from retailers is under scrutiny after Crewe, England- based Focus DIY Group Ltd., being acquired by Cerberus Capital Management LP, defaulted on 100 million pounds of notes last month. Investors received just 40 percent of face value.
``Focus put everyone on guard,'' said Patrick Steiner, who oversees $4 billion of assets at Octagon Credit Investors in London and declined to participate in the Maxeda loan. The Dutch company's debt is 6.25 times cashflow, according to data compiled by Bloomberg. That's above the 4.8 times average for leveraged finance buyouts tracked by Standard & Poor's LCD unit.
``We passed on a number of deals where we thought the structure doesn't work,'' Steiner said. ``The market was clearly out of control for a while.''
Y todo un detalle de calidad esa mención final en el artículo al Euribor a tres meses al 4,2%.
Chapeau!
Interesantísimo artículo para apreciar cómo la bola de nieve se hace cada vez más grande. Y nos presentan al New Century Financial de los private equity funds: Focus DIY Group Ltd.
"Debt from retailers is under scrutiny after Crewe, England- based Focus DIY Group Ltd., being acquired by Cerberus Capital Management LP, defaulted on 100 million pounds of notes last month. Investors received just 40 percent of face value.
``Focus put everyone on guard,'' said Patrick Steiner, who oversees $4 billion of assets at Octagon Credit Investors in London and declined to participate in the Maxeda loan. The Dutch company's debt is 6.25 times cashflow, according to data compiled by Bloomberg. That's above the 4.8 times average for leveraged finance buyouts tracked by Standard & Poor's LCD unit.
``We passed on a number of deals where we thought the structure doesn't work,'' Steiner said. ``The market was clearly out of control for a while.''
Y todo un detalle de calidad esa mención final en el artículo al Euribor a tres meses al 4,2%.
Chapeau!
