Archegos Capital is preparing for insolvency, triggered by banks’ attempts to recoup some of the $10bn they lost on its soured bets in March.
The family office run by Bill Hwang has hired restructuring advisers to assess potential legal claims from banks and to plan for a possible winding down of its operations, according to two people familiar with the matter.
Six banks that acted as prime brokers to Archegos — Credit Suisse, Nomura, Morgan Stanley, UBS, MUFG and Mizuho — lost more than $10bn when they were forced to liquidate the family office’s positions in US-listed companies such as ViacomCBS after it failed to meet margin calls.
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