GLG Partners, the London hedge fund, avoided breaching covenants on its $570m debt by cutting a deal with Société Générale, the French bank, figures showed Thursday. GLG agreed to buy SocGen Asset Management’s UK arm in December and immediately started managing $3bn of its assets, keeping the hedge fund just above end-of-year minimum funds under management set in its loan terms.

This entry was posted by Gwen Robinson on Friday, February 13th, 2009 at 4:54 and is filed under Capital markets, Hedge funds. Tagged with glg, SocGen. Edit this entry.