Oaktree Cinda

Oaktree, Cinda hunting for distressed China deals

Oaktree’s Howard Marks says Cinda JV is hunting for large distressed debt situations. No deal inked yet.
Howard Marks
Howard Marks

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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