Morgan Stanley May Seize Citypoint Tower, Sunday Times Reports
Morgan Stanley (MS) may take control of Citypoint, a 36-story tower in London’s financial district, after Beacon Capital Partners Inc. failed to agree a rescue plan, the Sunday Times reported without saying where it got the information.
Beacon Capital has missed several interest payments on the Morgan Stanley loan used to buy Citypoint in 2007, the London- based newspaper said. A plan to rearrange its borrowings and add new equity was blocked by an activist hedge fund that bought some of the debt, the Sunday Times reported.
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