Many Factors Finding Buyers For MGR Unsecured Claims
NEW YORK -- An active market is emerging for the trading of unsecured claims of Merry-Go-Round Enterprises, with many factors opting to sell out for about 82 cents on the dollar rather than wait for the retailer to emerge from Chapter...
NEW YORK -- An active market is emerging for the trading of unsecured claims of Merry-Go-Round Enterprises, with many factors opting to sell out for about 82 cents on the dollar rather than wait for the retailer to emerge from Chapter 11.
Market sources said Tuesday that CIT Group has sold its $3.4 million claim for 82.5 cents on the dollar, Republic Factors dealt its $2.4 million claim and Congress Financial is on the verge of selling its $2.7 million claim, also in the low 80-cent range.
Heller Financial Inc., with a claim of about $3.7 million, is negotiating to sell its claim. Frank Bongiovanni, executive vice president, of Heller, said that he has been contacted, but has not yet sold the claim.
The trading of claims against bankrupt companies has evolved into a $10 billion market in recent years, as sellers seek to cash out claims to investors willing to wait out the bankruptcy process or with a desire to use the debt to take control of the troubled company.
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