China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Taiwan bank sees no Carlyle affiliate default impact
TAIPEI, March 15 (Reuters) - Ta Chong Bank (2847.TW), in
which the Carlyle Group [CYL.UL] is a major investor, sees no
impact on its operations after a Carlyle affiliate had
defaulted on about $16.6 billion of debt, the Economic Daily
reported on Saturday.
An official of Ta Chong, in which Carlyle and another foreign investor pumped in T$21.5 billion ($700 million) for a stake last year, said it has received the money, the Chinese-language paper said.
Even if Carlyle wanted to pull out of its investment in Ta Chong, they would need to get approval from Taiwan's financial regulators, the paper said, citing the official.
Carlyle Capital Corp CARC.AS, an affiliate of the U.S.-based buyout firm, has defaulted on the debt and expects its lenders to seize remaining assets as th global credit crunch tightens around leveraged investors. [ID:nL13503384]
Shares of Ta Chong, a mid-sized bank, went 7 percent limit-down on Friday, underperforming the broader market's 0.6 percent dip. ($1=T$30.7) (Reporting by Faith Hung; Editing by Ben Tan)
