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KKR arm in talks after fresh repayment delays - FT

KKR arm in talks after fresh repayment delays - FT
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First Published: Wed, Feb 20 2008. 11 52 AM IST
Updated: Wed, Feb 20 2008. 11 52 AM IST
Reuters
Tokyo: KKR Financial Holdings, the listed affiliate of private equity group Kohlberg Kravis Roberts & Co., has delayed repayment of billions of dollars of commercial paper for the second time and begun a new round of talks with creditors, the Financial Times said on Wednesday, 20 February.
The paper said KKR Financial Holdings said in a regulatory filing that it had begun talks with creditors and deferred repayment of a chunk of debt due last Friday.
The report dragged Asian shares lower and dragged the dollar lower against the yen, traders in Tokyo said.
KKR Financial Holdings is a leveraged investment vehicle that had borrowed in commercial paper markets to invest in home loans, the FT said.
The move follows a $270 million bail-out of the leveraged investment vehicle last September, which saw founders Henry Kravis and George Roberts personally inject cash, the newspaper said in a report on its Web site.
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First Published: Wed, Feb 20 2008. 11 52 AM IST