KKR unit delays repayment of debtDivision of private equity firm scrambles to restructure debt amid credit market turmoil.NEW YORK (CNNMoney.com) -- A listed arm of private equity firm Kohlberg Kravis Roberts & Co. has delayed repayment of billions of dollars in debt amid continuing turmoil in the credit markets. In a filing with the Securities and Exchange Commission, KKR Financial (KFN) said it has put off payments to creditors until March 3 and is seeking to restructure some of the debt. The filing, which was first reported by the Financial Times, was dated Friday and made available Tuesday. The disclosure sparked a fresh round of credit worries in Asia, where stocks fell sharply Wednesday. European shares also fell in morning trading. KKR Financial said in the filing it has offered creditors the option of taking a slice of the underlying mortgages instead of payment. |
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