Tag: Bankruptcy

BusinessInnovationTechnology

Blackstone Leaders Dismiss Private Credit Concerns Amid Recent Bankruptcies

Blackstone’s top executives have pushed back against attempts to connect recent high-profile bankruptcies with private credit markets. Steve Schwarzman described such links as “misinformation” while Jon Gray emphasized the isolated nature of these cases. The firm reported continued strong inflows to credit strategies despite market concerns.

Blackstone Challenges Private Credit Narrative

Blackstone executives have strongly refuted attempts to link recent corporate bankruptcies to the private credit market, with CEO Steve Schwarzman characterizing such connections as “misunderstandings and misinformation,” according to the firm’s third-quarter earnings call. The comments come amid market scrutiny following high-profile failures including auto lender Tricolor and auto-parts manufacturer First Brands, which JPMorgan CEO Jamie Dimon reportedly referred to as “cockroaches.”

by Darren Holt
BusinessFinance

PrimaLend Creditors Consider Bankruptcy Proceedings Amid Subprime Auto Financing Crisis

Creditors of subprime auto lender PrimaLend are reportedly preparing to push the company into bankruptcy proceedings after months of missed payments. The potential action comes as the subprime lending sector faces renewed pressure following Tricolor Holdings’ recent collapse.

Creditors Mobilize Legal Resources

PrimaLend, a specialized lender providing financing to auto dealerships serving subprime borrowers, faces potential bankruptcy proceedings as frustrated creditors consider legal action after going unpaid for several months, according to reports. Sources indicate that holders of the company’s $75 million bond due in 2028 have begun working with attorneys from White & Case to evaluate their options, including potentially forcing the firm into bankruptcy protection.

by Darren Holt