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MARKETS

Great American sells 33% stake

July 26, 2007|From Times Staff and Wire Reports

Financial services giant Credit Suisse Group agreed to buy a 33% stake in Woodland Hills-based Great American Group, a closely held company that liquidates assets of troubled firms.

Terms of the transaction weren't disclosed.

The Zurich, Switzerland-based financial services giant said the purchase would help its investment bank expand its leveraged finance operation by "providing total solutions to distressed companies."

Credit Suisse said Great American's expertise in valuing assets would also help it reduce the risk of refinancings that the bank arranges for heavily indebted companies.

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