RPT-Worried about next downturn? US credit funds may offer early clues [Reuters (UK)]
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Source: Reuters
RPT-Worried about next downturn? US credit funds may offer early clues | Reuters 6 Min Read (Repeats for wider distribution) By David Henry NEW YORK, March 12 (Reuters) - It seemed like an opportunity a lender would not want to miss. The loan paid 10.25 percent interest which would go up if a benchmark rose. The borrower was Trident USA Health Services, a growing company which provided bedside medical testing in nursing and assisted living centers. Trident was buying similar companies across the country targeting cost savings from consolidation. Trident filed for bankruptcy last month. It had taken on too much debt to cope with reduced Medicare and Medicaid payments, equipment upgrades and other issues. A new billing system for the expanded company failed and it never collected millions of dollars. Trident’s lenders face estimated losses of 50 to 100 percent. “We were wrong,” Michael Mauer, chief executive of CM Finance Inc, one of the lenders, said in a Feb. 7 call with stock analyst
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