Cattles Sells Invoice-Finance Division to AnaCap
eFinancial News, London – U.K. subprime lender Cattles PLC Monday said it has sold its Cattles Invoice Finance Ltd. to London-based private-equity fund AnaCap Financial Partners LLP as Cattles looks to pay down its hefty bank debt.
The deal, which needs shareholder approval, would see AnaCap take over the division for around £10.4 million ($17.3 million) in cash and the repayment of around £59.6 million of intercompany loans.
CIT clinches $3 billion bondholder rescue to fend off bankruptcy
Editor’s Note: This will be interesting to see how this plays out. What makes no sense to me is how the Fed will bail out other business finance companies but then deny CIT. I am noticing a trend whenever its a “largest independent” insert your own noun gets into trouble, you will not get help from the government. Its really shows who has connection in Washington and who does not. This is the biggest thing I have against government intervention in the markets. If you must use tax-payer money to support private institutions, please do it blanket or not at all, I don’t like seeing non-industry players determine who the “winners and losers” will be. .02
News (Reuters):
CIT Group Inc has clinched $3 billion of emergency financing from bondholders, keeping the struggling lender out of bankruptcy, a person close to the matter said.