HONG KONG: Lehman Brothers Holdings Inc, a top Wall Street firm, has closed a deal to buy bad loans with a face value of roughly US$240mil from a Chinese state-run asset manager, an executive said yesterday.
The purchase from Huarong Asset Management Corp, which is selling 16 bad-debt pools with a book value of US$2.2bil, closed on Friday, said Edwin Wong, a managing director in high yield for Lehman here. – Reuters
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