Deutsche Bank, Singapore hedge fund buy more of Indian lender's debt

The German bank almost doubled its debt hold to $56.8m (INR3b).

Deutsche Bank and Singapore-based hedge fund Broad Peak Investment Advisers have acquired more debt of the troubled Indian shadow lender Altico Capital, according to a Bloomberg report.

Deutsche Bank almost doubled the debt it holds of Altico Capital to $56.8m (INR3b) whilst Broad Peak bought debt of around $14m (INR1b), making the German bank a member of the steering committee of creditors on Altico’s debt restructuring.

There is a growing interest in purchasing Altico’s debt even if potential bidders are avoiding an auction process to sell the firm. Other restructuring options include a shareholder-sponsored plan and an asset swap plan.

Altico debt has been traded several times over the past, with the most recent in December.

Here's more from Bloomberg.