American investment firms have found numerous opportunities to
capitalize on the turmoil in Europe’s banking sector by buying distressed
assets. But one major private
equity firm, Kohlberg Kravis Roberts, is taking a
along with the restructuring firm Alvarez & Marsal, has signed a
preliminary agreement to join forces with two of Italy’s largest banks to try
to revitalize a pool of soured corporate loans, according to a statement on
Tuesday from the banks, UniCredit and Intesa Sanpaolo, and the two firms. The
arrangement, the details of which are subject to continuing discussions, may
allow the banks to maintain a degree of control over the loans and share in any
contributing restructuring expertise and additional capital, the firms may help
increase the likelihood that the loans will be paid back. The companies did not
say how large the potential loan pool would be or how much money would be
committed to the project, though they said more details would be disclosed
after further discussions.
for the full article in the New York Times.