Bank of America has reportedly sold its part of a $ 500 m loan made to Texas three years ago at a 30% markdown on face value, making a significant loss. Petroceltic’s shares were suspended March 7, down 96% from two years earlier. This comes after analysis from HSBC suggested that "While Gulf ’s lenders say that many of their loans are to industry giants who can ride out the slump, that still leaves $ 500 in lending to minnows, wildcatters, and other junk-rated companies".
Bank of America has reportedly sold its part of a $ 500 m loan made to Texas three years ago at a 30% markdown on face value, making a significant loss. This comes after analysis from HSBC suggested that "While Gulf ’s lenders say that many of their loans are to industry giants who can ride out the slump, that still leaves $ 500 in lending to minnows, wildcatters, and other junk-rated companies".