With an objective to smooth overstrained relationships amidst various accusations, Apollo Global Management LLC (NYSE:APO) is looking forward to meeting some of the debt investors. As per the information revealed by two people close to this matter, Apollo has shortchanged creditors of a few biggest corporate buyouts.
Apollo Global Management is a global private equity firm that was founded by Leon Black. As per the reports, the company will be visiting the offices of money managers who always prefer to buy high yield debt. The primary objective of this extensive travelling will be to persuade those money managers to invest in loans and bonds issued by Apollo Global Management.
Black himself will take the charge and try to convince all the investors. The information has been revealed by two people who are close to this transaction, but don’t want to be named as it’s very sensitive information and is not supposed to be leaked at this point.
The information was first reported by Wall Street Journal a few days ago. Apollo Global Management owns a few leading financial service providing companies through which it issues more debt products than most of the other companies. The bad phase for Apollo started after 2008-09 financial crisis when some of its clients became insolvent. The company also faced criticism due to a few buyout decisions after the financial crisis that went wrong.
A bondholders’ group in an insolvent unit of Caesars Entertainment Corp., TPG Capital and the casino operator Apollo has sued the company stating that Apollo had stripped its business in billions of dollars worth assets. The group claimed that the entire proceedings took place before the Chapter 11 filing was executed in the month of January.
The senior management of Apollo hopes that the current initiative will help the company getting back on track in regain its lost market share.
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