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July 19, 2008 2:19:42 AM CDT

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Markets Drop as KKR Unit Delays Payment

Posted Feb 20, 08 7:21 AM CST in Business 

(Newser) – Asian stocks slumped today after reports in the Financial Times that a struggling arm of private equity heavyweight Kohlberg Kravis Roberts. missed a second payment on billions of dollars of commercial debt just 6 months after two of its founders poured $270 million into the company. Investors cashed out as fears of a global credit meltdown flared, reports the Wall Street Journal. 

KKR Financial Holdings LLC, which invests in corporate debt and residential mortgages, has entered restructuring talks with its creditors, reports Bloomberg. Markets across Asia declined, with the Nikkei down 3.3%. Experts worried investors would continue to pull money from the markets, with some 1.46 million yen already withdrawn in January. “The picture is getting worse and worse,” said one analyst.

Sources: Wall Street Journal, Financial Times (UK), Bloomberg

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Jacob A. Frenkel (L) President Merrill Lynch International, United Kingdom, and Henry R. Kravis, Founding Partner Kohlberg Kravis Roberts & Co., USA exchange business cards before a forum on economic...   (Getty Images)
The logo of German media group ProSiebenSat.1 Media AG is seen in front of a satellite dish at the company's headquarters in Unterfoehring near Munich, southern Germany, in this Nov 8, 2006 file photo....   (Associated Press)
KKR & Company principal Henry Kravis.   (Getty Images)
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stock market  • subprime mortgages  • subprime crisis  • private equity  • Asian markets  • KKR  • Kohlberg Kravis Roberts  • Henry Kravis  • commercial paper


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