The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Deutsche Bank AG and a Singapore based hedge fund bought more debt of an embattled Indian shadow lender, highlighting the growing foreign interest in the discounted assets of the financier at the center of a credit crisis.
Deutsche Bank has almost doubled the debt it holds of Altico Capital India Ltd to 3 billion rupees ($42.1 million) in the last four months, while Singapore-based Broad Peak Investment Advisers Ltd has acquired debt of about 1 billion rupees, people familiar with the matter said.
The German lender is now a member of the steering committee of creditors driving Altico’s debt restructuring, the people said, asking not to be identified as the information isn’t public.
Deutsche Bank AG used its larger holding of Altico’s debt to lead pushback against a proposed asset swap, which it said would be conducted in a non-transparent manner and benefit some lenders more than others, according to a person with direct knowledge of the matter. Several other creditors also supported Deutsche Bank’s position, the person said.