Carlyle Group has been forced to shut down an £11bn fund after banks pulled
out of a refinancing package.
Its Carlyle Capital hedge fund, which had a large exposure to the US mortgage
market is in dire straits only two weeks after the company issued its annual
report for 2007 with a clean bill of health from the auditors
company said: ‘Carlyle Capital Corporation announced on 12 March that its
negotiations with lenders to refinance its portfolio of US government agency
AAA-rated residential mortgage-backed securities had ended. Carlyle Capital was
unable to reach a deal with lenders to refinance its portfolio on sustainable
terms. As a result, it is expected that Carlyle Capital’s lenders will take
possession of the remaining residential mortgage backed securities assets.’
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