Wednesday, 23 July 2014
Last updated 4 hours ago
Dec 22 2010 | 11:43am ET
Not long ago, Cerberus Capital Management’s purchase of Chrysler looked like a disaster. Now, it looks more like a bad idea.
The New York-based alternative investments firm will be left with just a 10% loss on its investment in the auto maker following Toronto-Dominion Bank’s acquisition of Chrysler’s former lending unit, Bloomberg News reports. Cerberus took a majority stake in Chrysler in 2007 for $7.4 billion. Just a year later, it was forced to give up control to win government bailout funds for the failing company.
But Cerberus held onto Chrysler Financial, until now. TD will pay about $6.3 billion for the unit; Cerberus will retain about $900 million in assets.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…