UBS Said to Seek Bids on $800 Million of Distressed Company Debt

UBS AG, the Swiss bank exiting certain businesses to bolster capital, is seeking buyers for about $800 million of distressed corporate debt, according to two people with knowledge of the matter.

The holdings are managed by a team headed by Jeff Teach and are part of a pool of mostly fixed-income assets that UBS moved to a separate unit within the past year with the intention of selling, said the people, who asked not to be identified because the auction is private. One option for potential bidders may be to hire Teach, a managing director, and his group along with buying the assets, the people said.