GENEVA: Credit Suisse Group AG agreed to sell distressed debt assets for US$1.27 billion to an arm of private-equity firm TPG. The portfolio being sold to TSSP, a credit and special situations business, includes 270 instruments related to about 170 companies globally, Credit Suisse and TSSP said in a statement here the other day.
The transaction will results in an extra charge of about US$100 million for Credit Suisse, to be reflected in first-quarter results due on Tuesday next week, the statement said.
That is in addition to US$99 million of distressed credit writedowns already announced.
