Apollo Takes Loss on Asset-Backed Loan to Amazon Aggregator Perch; Cubic Corp. Defers Debt Payment
Apollo Global Management Inc. experienced a loss on a portion of a $170 million asset-backed financing provided to Perch, an Amazon brand aggregator, according to Bloomberg. The write-off represents a share of an up to $500 million commitment made by Apollo and its insurance arm, Athene, to credit facilities run by Victory Park Capital.
The loss is considered a rare stumble for a strategy often touted as one of private credit's safest and most promising avenues.
In separate news, Cubic Corp., backed by Elliott Investment Management and Veritas Capital Fund Management, notified lenders of its plan to defer an interest payment on a portion of its debt. According to people familiar with the matter, the company is delaying the payment to manage its cash flow. Cubic, which develops fare gate technology for public transportation systems and also has a defense unit, had cut its borrowings and received a fresh equity injection from its owners approximately seven months prior.
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