Posted on 03/14/2008 5:06:12 AM PDT by palmer
PARIS (Reuters) - Private equity group Carlyle (CYL.UL) will look at ways to help investors who have lost money in Dutch-listed Carlyle Capital Corporation (CCC) (Amsterdam:CARC.AS - News), Carlyle co-founder David Rubenstein was quoted on Friday as saying.
In an interview with France's Les Echos newspaper, Rubenstein said Carlyle had done all it could to help CCC, citing a $150 million credit line provided by its partners "no doubt at a loss" but wanted to try and make amends.
"We are looking at all ways to help CCC investors who have lost their capital outlay. For the most part, these are large commercial banks," Rubenstein was quoted as saying.
In a separate interview with the New York Times, he was quoted as saying: "We're working to find ways to help people to deal with losses and maybe recover some capital."
CCC has defaulted on about $16.6 billion of debt and expects its lenders to seize remaining assets as the global credit crunch tightens around leveraged investors.
The Carlyle Group said in a statement on Thursday that as CCC was unable to reach a deal with lenders it expected those lenders to take possession of the fund's remaining residential mortgage-backed securities assets.
Rubenstein was quoted as saying in Les Echos that the 60 funds managing the Carlyle Group's $81 billion in assets were "absolutely not concerned by the problems at CCC."
To recap, CCC used 700M in capital, raised 300M in equity, and borrowed 20B to buy ABS.
Let them eat popie cake.!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.