BlackRock's HPS Bad Loan Zero-Out Sparks Credit Fraud Concerns: Report
Photo by Diana Parkhouse on Unsplash
BlackRock acquired HPS Investment Partners, after which HPS executives found a major impairment in their portfolio. This impairment involved a loan HPS and BNP Paribas SA gave to companies managed by Bankim Brahmbhatt, where HPS held the riskiest portion aiming for high returns, secured by receivables from telecoms.
Key takeaways
- Following BlackRock Inc
- 's $12 billion acquisition of HPS Investment Partners, executives at the private credit firm discovered a significant impairment in one of its investments, as reported by Bloomberg
- HPS had previously collaborated with BNP Paribas SA to extend hundreds of millions of dollars in financing to a group of companies managed by Bankim Brahmbhatt
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