Nine Banks Face Losses on American Greetings Buyout Debt

According to a Reuters report, nine banks are facing losses on loan and bond financing backing the buyout by a private equity firm of American Greetings.

Barclays, Deutsche Others Support CD&R American Greetings Buy

Clayton, Dubilier & Rice managed funds are acquiring a 60% ownership stake in American Greetings. The Weiss Family, descendants of Jacob Sapirstein, who founded the company in 1906, will retain a 40% stake in the business. Terms of the transaction were not disclosed.