(Reuters) - FBOP, an Oak Park, Illinois-based banking company that said
it has more than $14 billion of assets, offered to take an 80
percent stake by acquiring $610 million of common stock at
$1.41 per share. Existing shareholders would keep the other 20
percent. FBOP said it will also offer a $150 million credit
line.
On May 17, Doral said it agreed to sell a 90 percent stake
to a group led by Bear Stearns Merchant Banking, which would
buy $610 million of stock at 63 cents per share. That
transaction was intended to help Doral repay debt that matures
on July 20 and avert a possible bankruptcy.
Read more at Reuters.com Bonds News
it has more than $14 billion of assets, offered to take an 80
percent stake by acquiring $610 million of common stock at
$1.41 per share. Existing shareholders would keep the other 20
percent. FBOP said it will also offer a $150 million credit
line.
On May 17, Doral said it agreed to sell a 90 percent stake
to a group led by Bear Stearns Merchant Banking, which would
buy $610 million of stock at 63 cents per share. That
transaction was intended to help Doral repay debt that matures
on July 20 and avert a possible bankruptcy.
Read more at Reuters.com Bonds News
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