Daily News: December 6, 2013

NewStar Said to Extend Bid Timing Until After Bank Stress Tests

Bloomberg reported, according to three people familiar with the matter, NewStar Financial, with $2.5 billion in assets and backed by private-equity firms Corsair Capital and Capital Z Partners Management, is extending its sale process into 2014.

Bloomberg said the lender, which had asked suitors to submit initial offers by November 8th, is waiting until U.S. banks finish government-mandated stress-test evaluations of their balance sheets before soliciting another round of bids.

To read the entire Bloomberg story, click here.