View the article online at http://citywire.co.uk/wealth-manager/article/a602935
Lloyds in talks to ditch £1bn toxic asset portfolio
by Dylan Lobo on Jul 09, 2012 at 07:56
Lloyds is reportedly in talks to sell £1 billion of toxic loans it inherited through its acquisition of HBOS in 2008.
According to the Sunday Times, the projected – codenamed Lundy, will see the bank attempt to sell off a number of businesses HBOS rescued at the height of the credit crunch. These include hotel chain Menzies, packaging company Linpac and housebuilder McCarthy & Stone.
The portfolio is said to comprise around 40 assets, with sources saying Lloyds could forced to take a 30% writedown.
According to the paper, the portfolio has attracted interest from private equity firm Electra and two American vulture funds, Centerbridge and Lone Star.
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.
On the road
on Aug 01, 2014 at 12:55