Troubled Merrill Lynch Selling Asset-Securities to Raise $8.5b
The Record, Bergen County, NJ › July 30, 2008
Linked as:
Summary
NEW YORK Merrill Lynch & Co., in a broad move to clean up its troubled balance sheet, said Monday that it will sell a big slice of its toxic asset-backed securities and issue new stock to raise $8.5 billion of fresh capital.
The world's largest brokerage, struggling to right itself as the credit crisis continues, said it will issue more than 200 million new common shares as part of the deal. Merrill said it will write down $5.7 billion because of additional losses on the sale of mortgage securities and hedging contracts.See the full content of this document
Extract
Troubled Merrill Lynch Selling Asset-Securities to Raise $8.5b
Chief Executive John Thain, who joined Merrill Lynch last yea...
See the full content of this document
Sponsored links
