UBS abandons plan to sell CS business with non-performing debt
Published: Friday, Jan 19th 2024, 12:10
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UBS has apparently abandoned its plan to sell Credit Suisse's distressed debt business. The positions in the portfolio of bonds and credit positions of distressed companies with a market value of around 250 million dollars will now be sold individually, writes the US news agency Bloomberg, citing informed persons.
Credit Suisse had already been looking for buyers for the portfolio around a year ago - i.e. before the takeover by UBS in March 2023. However, only a few bids were received and only at low prices, writes Bloomberg. In the meantime, certain positions have already been sold and the former CS team has been dissolved. The assets have been allocated to the liquidation unit. UBS did not wish to comment on the report to the US agency.
The portfolio is said to have comprised around 30 positions, including a high-interest credit facility of an ailing automotive supplier or claims to the tourism group Thomas Cook, which collapsed in 2019. CS had previously held a leading position in the distressed debt business.
UBS did not wish to comment on the report when asked by AWP.
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