Oaktree Capital Group’s chairman Howard Marks said on Monday that its joint venture with China’s China Cinda Asset Management is on the hunt for large distressed debt situations at a time when bad loans at Chinese banks are rising.
It’s been almost one year since Cinda raised $2.46 billion in an initial public offering to become the country’s first distressed debt manager to float its shares.
Los Angeles-headquartered Oaktree pledged $53 million in cornerstone support and signed a memorandum of understanding with Cinda to seek out opportunities in the mainland’s distressed asset industry. A person familiar with the matter said that the joint venture partners planned to...
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