(Bloomberg) -- Bear Stearns Cos. plans to take on
$3.2 billion of loans to stop creditors from seizing assets of
one of its money-losing hedge funds in the biggest fund bailout
since 1998, people with knowledge of the proposal said.
The firm told lenders to the High-Grade Structured Credit
Strategies Fund yesterday that it would assume their loans, said
the people, who declined to be named because the plan is
confidential. The New York-based firm stepped in after Merrill
Lynch & Co. took securities that backed $850 million in credit
lines to two Bear Stearns funds and put them up for sale.
JPMorgan Chase & Co. and Lehman Brothers Holdings Inc. also
indicated they may take over collateral for loans they provided.
Read more at Bloomberg Bonds News
$3.2 billion of loans to stop creditors from seizing assets of
one of its money-losing hedge funds in the biggest fund bailout
since 1998, people with knowledge of the proposal said.
The firm told lenders to the High-Grade Structured Credit
Strategies Fund yesterday that it would assume their loans, said
the people, who declined to be named because the plan is
confidential. The New York-based firm stepped in after Merrill
Lynch & Co. took securities that backed $850 million in credit
lines to two Bear Stearns funds and put them up for sale.
JPMorgan Chase & Co. and Lehman Brothers Holdings Inc. also
indicated they may take over collateral for loans they provided.
Read more at Bloomberg Bonds News
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