From Dow Jones Newswires:
Cerberus Capital Management LP Chief Executive Stephen Feinberg said Tuesday that he sees opportunity for credit buyers in Europe as beleaguered banks take the rare step of making large loan portfolios available.
I would hope Mr. Feinberg is looking a bit less befuddled than this guardian of the underworld:
"Europe is an exciting opportunity," Feinberg said during the Dow Jones Private Equity Analyst Conference in New York. "We've bought a lot [of loan portfolios] already and there are more in the pipeline."
Because such buying opportunities don't arise often, there aren't many firms in the business of buying such assets, he said. Therefore buyers like Cerberus are finding "cooperation with banks on visible pricing," fostering confidence for such investments despite the sovereign-debt crisis plaguing the euro zone, he said.
Feinberg said he believes Germany and the International Monetary Fund will develop a plan to help debt-ridden euro-zone nations, but a solution may not come swiftly.
"Markets could go into crisis if it happens too slowly," Feinberg said. "It won't move as fast as we'd like, but I'm cautiously optimistic they'll get it done."...MORE