Lenders Steel Themselves for More Bad Loans
Equity investors may be cheering the rally in steel stocks, but not bankers. With the industry among the most indebted, bankers are desperate to sell bad loans in the sector, but there are hardly any buyers. Some bankers who thought they could take some stressed asset to the country’s biggest private producer of the metal got a rude shock. The company is also facing distress and selling its overseas businesses. Now, where can the lenders go?