Daily News: February 8, 2018

Natixis, Other Banks Unloading Steinhoff Loans

Reuters reported that Natixis is the latest bank looking to sell its approximately $110 million equivalent loans in troubled South African retailer, Steinhoff, parent company of U.S.-based Mattress Firm

According to Reuters, JP Morgan has already unloaded a $60 million block of loans. Buyers include major hedge funds such as Taconic Capital, Blackstone, Centerbridge and SVP.

Bank of America Merrill Lynch, Citi, Goldman Sachs and JP Morgan all took hits in the Q4/17 on loans to Steinhoff and to its former chairman Christo Wiese secured by his stake in the company, Reuters added.