Tom Marsico 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 [see profile], 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. 

Edited by: Neil Anderson, Managing Editor


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