Carlyle unit says new margin calls may hit cashflow

Commento di Alexandra Hudson - Reuters

Private equity firm Carlyle Group’s [CYL.UL] Dutch-listed affiliate said on Friday it may face cashflow problems after it received substantial additional margin calls and default notices. “In the past several days there has been a rapid and severe deterioration in the market for U.S. government agency AAA-rated residential mortgage-backed securities,” Carlyle Capital Corporation (CCC) (CARC.AS: Quote, Profile, Research) said. CCC had said earlier it received margin calls totalling more than $37 million on Wednesday and expected at least one more default notice. The Dutch market regulator (AFM) suspended trading in CCC after its shares closed on Thursday at $5, having lost more than half their value. Carlyle Group has a $150 million exposure to CCC through a credit facility. CCC said on Friday some of its Residential Mortgage-Backed Securities (RMBS) had been liquidated by lenders and additional margin calls and increased collateral requirements “would be significant and well in excess of the margin calls it received Wednesday”. Even more securities could be liquidated by lenders, it said, adding the company was in discussion with its lenders regarding its financing and considering all available options for the company. Britain’s The Times newspaper reported lenders included Bank of America, Bear Stearns, BNP Paribas, Calyon, Citigroup, Credit Su...  Continua>>