The Distressed Debt Report - December 11, 2007

$750M Fund Reportedly in Talks to Avoid Foreclosure

SageCrest, a troubled hedge fund operator that specializes in lending to small companies, is said to be in violation of the terms of its $100 million secured warehouse line with Deutsche Bank. Full Story

Success in Europe Contrasts with U.S. Hedge Funds’ IPOs

Three big fund managers with lengthy track records in distressed-asset investing went public this year – and promptly saw their stock prices crash and burn. Full Story

Audax to Invest Up to $800M in Credit Opportunity Fund

Several asset managers are closing on new senior-debt funds and raising capital to take advantage of widening spreads and an expected surge in corporate distressed debt. Full Story

• CLO Volume Forecast To Plunge
• S&P's Distress Ratio Posts Largest Increase in 5 Years
• Dura Faces Delays in Syndication of Exit Financing
• TierOne Shareholders Vote in Favor of Sale to CapitalSource
• Boutique Investment Bank Paragon Claims It Was Stiffed on $300M Fee
• BNP Paribas to Syndicate $100M 2nd Lien Facility for Goodrich Petroleum
• Canadian Solar Raises $75M with Convertible Offering
• High Road Capital Names Hobbs as Partner