July 24, 2009 / 7:35 AM / 10 years ago

Lubert-Adler eyes Corus Bankshares - Bloomberg

July 24 (Reuters) - Philadelphia-based private-equity firm Lubert-Adler Partners may take part in bidding for all or part of Corus Bankshares Inc CORS.O, Bloomberg said, citing a source familiar with the matter.

Corus, a Chicago-based lender hit hard by losses on condominium loans, said in May it was “undercapitalized” and had hired an investment bank to seek strategic options, including a capital investment, sale, strategic merger or some form of restructuring.

In June, a source told Reuters Corus had retained Bank of America Corp (BAC.N) to help it find capital or sell the lender, and earlier this month, the Wall Street Journal said private equity firm Starwood Capital Group was bidding on Corus assets.

Lubert-Adler and Corus could not be immediately reached for comments.

Reporting by Nivedita Bhattacharjee in Bangalore; editing by Simon Jessop

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