Distressed-debt investor Ross bets on troubled energy debt: report
- Goldman sends Dow to record high, techs lift S&P, Nasdaq
- Oil hits 16-month high in buying rush after OPEC agreement
- Consolidated Communications (CNSL) to Acquire FairPoint Communications (FRP) in $1.5B Deal
- Pre-Open Stock Movers 12/05: (FRP) (GMED) (CHK) Higher; (CERC) (HDSN) (MRVL) Lower (more...)
- Burberry rejects multiple takeover offers from Coach: Financial Times
Wilbur L. Ross Jr., Chairman and Chief Executive Officer of W. L. Ross & Company speaks at the 2009 Reuters Restructuring Summit in New York in this September 29, 2009 file photograph. REUTERS/Mike Segar/Files
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
NEW YORK (Reuters) - Distressed-debt investor Wilbur Ross is taking a large bet on troubled energy debt amid a two-year global price slump, according to a Wall Street Journal report citing people familiar with the matter.
Ross' investment firm WL Ross & Co. has purchased hundreds of millions of dollars in troubled energy debt in a bid to take control of distressed oil and gas companies if they have to turn over ownership to creditors, according to the report on Saturday.
It said the firm sat out in the early downturn when others jumped on perceived bargains that continued to lose value.
WL Ross is angling to swap debt for ownership in Breitburn Energy Partners LP, which filed for Chapter 11 protection in May and has been buying debt of Permian Resources LLC, the report said.
The plan is to take control of energy companies through debt investments and acquire companies or individual assets in traditional buy outs, according to the WSJ report citing reviewed investor materials.
(Reporting by Catherine Ngai; Editing by Bill Trott)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Liberty Mutual to Acquire Ironshore from Fosun for ~$3 Billion
- U.S. motor travel increases by 2.9 percent in September: DOT
- Benchmark Remains Bullish as Marcus Corporation (MCS) Announces Wehrenberg Theaters Acquisition
Create E-mail Alert Related CategoriesReuters
Related EntitiesWilbur Ross, Bankruptcy, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!