last week handed over 30 percent of his company to creditors. Crain's New York Business
' Aaron Elstein reports
that Marsico Parent Co., parent of Marsico Capital Management and the Marsico Funds
], restructured $1.6 billion in debt last week and gave creditors that equity chunk in the process. And Standard & Poor's reportedly considers the restructuring a default.
Marsico took on the debt in 2007 to buy the company back from Bank of America
for $2.6 billion. Crain's blames the restructuring on the stock market's woes in the past few years and the subsequent outflows from equity managers likes Marsico. The firm's AUM reportedly fell from $106 billion to $47 billion over the past three years.
Neil Anderson, Managing Editor
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