GoldenTree To Buy Stake In Cerberus-Owned Bank

Nov 19 2012 | 11:51am ET

GoldenTree Asset Management will buy a big chunk of a major Austrian bank for Cerberus Capital Management.

The New York-based hedge fund will add a "significant stake," about 40%, of Bawag PSK Bank, which was bought six years ago by the private equity firm. GoldenTree will give Bawag a €200 million capital injection as part of the deal, the Austria Press Agency reports.

Cerberus will retain a majority stake in the bank, but GoldenTree may get joint control over Bawag.

GoldenTree told the Austrian antitrust authority, Bundeswettbewerbsbehörde, of its plans last week. As part of the deal, the hedge fund may swap its Bawag debt for stock in the bank.


In Depth

MiFID2 For U.S. Firms: Key Questions Answered

Feb 27 2017 | 4:54pm ET

The January 2018 deadline for implementation of the EU’s mammoth MiFID2 regulations...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of