GreenPoint, GE Unit Seen in Bidding for United Cos
Timmons, Heather, American Banker
GreenPoint Financial Corp. and GE Capital Corp. are among a handful of potential buyers sizing up subprime lender United Companies Financial Corp., sources close to the companies said.
United Companies announced July 21 that it would have disappointing second-quarter earnings and was looking for a "strategic partner."
Since then, about 10 companies have done due diligence on Baton Rouge, La.-based United, sources said, and about half are still interested, including GreenPoint and GE Capital.
Some observers said they expect a sale within three weeks, but others were skeptical that the company would be sold.
The market is unlikely to dictate the sort of rich …
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Publication information:
Article title: GreenPoint, GE Unit Seen in Bidding for United Cos.
Contributors: Timmons, Heather - Author.
Magazine title: American Banker.
Volume: 163.
Issue: 172
Publication date: August 28, 1998.
Page number: 9.
© 2009 SourceMedia, Inc.
COPYRIGHT 1998 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.
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