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:
Today's top headlines
On the road
by Dylan Lobo on Mar 10, 2014 at 14:45