Moneybox Private Equity S Deal Dumping
Just blame the bank, Hank. In March, Blackstone and GE Capital Solutions, a unit of General Electric, teamed up to acquire PHH, a fleet-management and mortgage company. (The plan: GE Capital would buy PHH and then sell the mortgage operations to Blackstone.) However, as the spring wore on and PHH’s mortgage unit racked up losses, JPMorgan Chase and Lehman Brothers, the banks that had agreed to fund Blackstone’s purchase, grew anxious....