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Marathon Asset Is Buying Evergrande Debt, CEO Richards Says

  • Marathon purchased for first time this week, aims to continue
  • Richards says troubled Chinese firm will need to restructure
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Marathon Is Buying Evergrande Debt, CEO Bruce Richards Says
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Marathon Asset Management is buying debt issued by troubled developer China Evergrande Group, according to the investment firm’s co-founder and Chief Executive Officer Bruce Richards.

The distressed-debt specialist purchased Evergrande debt for the first time this week and will continue doing so at the current low prices, Richards said in a Bloomberg Television interview on Wednesday. Evergrande 10% bonds due in 2023 led declines in the U.S. high-yield market on Wednesday, dropping 2.375 cents to 23.875 cents on the dollar.