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According to the news of the US news agency Bloomberg, based on knowledgeable people, the positions of the distressed companies in the portfolio, which include bond and loan positions with a market value of approximately 250 million dollars, will now be sold one by one.
Credit Suisse was looking for a buyer for the portfolio for about a year before it was taken over by UBS in March 2023. But Bloomberg writes that only a few offers were received, and only at low prices. Meanwhile certain positions have already been sold and the old CS team has been dissolved. Assets were allocated to the analysis unit. UBS did not want to comment on the report to the US agency.
The portfolio is said to contain around 30 positions, including claims on a high-interest loan facility from a troubled car supplier or on tourism group Thomas Cook, which collapsed in 2019. CS was previously a leader in the distressed debt business.
UBS did not want to comment when asked by AWP about the report. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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