Standard Chartered's attempt to sell $1.5bn of stressed loans, including those of Cairn Energy and Essar Group, has reportedly found few takers from distressed-asset buyers for the offshore loans that form a large chunk of what the bank is planning to sell; SSG Capital Management is the only firm still in talks with Standard Chartered to buy nearly $1bn of loans from the offshore book. The deal would be one of the biggest deals ever struck by an international bank.
Standard Chartered's attempt to sell $1.5bn of stressed loans, including those of Cairn Energy and Essar Group, has reportedly found few takers from distressed-asset buyers for the offshore loans that form a large chunk of what the bank is planning to sell; SSG Capital Management is the only firm still in talks with Standard Chartered to buy nearly $1bn of loans from the offshore book. SSG Capital is also looking for a 30% discount to the value of the assets.