Friday, 13 February 2009
GLG saved by SocGen deal
GLG Partners, the London hedge fund, avoided breaching covenants on its $570m debt by cutting a deal with Société Générale, the French bank, figures showed Thursday. GLG agreed to buy SocGen Asset Management’s UK arm in December and immediately started managing $3bn of its assets, keeping the hedge fund just above end-of-year minimum funds under management set in its loan terms.
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