(Bloomberg) -- Bear Stearns Cos. may take over about
$3.2 billion of loans that banks and securities firms made to one
of its money-losing hedge funds to prevent creditors from seizing
more assets, according to people with knowledge of the plan.
Bear Stearns, the biggest broker to hedge funds, offered to
assume the loans after Merrill Lynch & Co. took assets that
backed $850 million in credit lines, said the people, who
declined to be named because the proposal is confidential. Lehman
Brothers Holdings Inc. and JPMorgan Chase & Co. also put some of
their collateral up for sale.
Read more at Bloomberg Currencies News
$3.2 billion of loans that banks and securities firms made to one
of its money-losing hedge funds to prevent creditors from seizing
more assets, according to people with knowledge of the plan.
Bear Stearns, the biggest broker to hedge funds, offered to
assume the loans after Merrill Lynch & Co. took assets that
backed $850 million in credit lines, said the people, who
declined to be named because the proposal is confidential. Lehman
Brothers Holdings Inc. and JPMorgan Chase & Co. also put some of
their collateral up for sale.
Read more at Bloomberg Currencies News
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