Financial Times – Blackstone marked down the value of billions of dollars worth of debt it bought at a discount from Deutsche Bank to zero, demonstrating that the group bet too early on a recovery.
Blackstone bought the debt in April and marked down the value by the end of the year. The private equity group disclosed the markdown in a conference call on Tuesday with investors, who have grown concerned about the impact the global recession is having on the portfolio companies of private equity firms.
