Avenue Capital Group founder Marc Lasry and Bruce Grossman, his senior manager of investment, were on a private jet returning to New York from Harrisburg, Pennsylvania, in 2005 when they felt the plane’s cabin suddenly heat up.
Avenue Capital Group LLC, the distressed-debt firm co-founded by Marc Lasry, has appointed Richard Furst as chief investment officer amid speculation that Lasry will be nominated as U.S. ambassador to France.
Avenue Capital Group LLC, the distressed-debt firm with about $12.6 billion of assets under management, invested “a couple hundred million dollars” in the shipping industry, according to co-founder and chief executive officer Marc Lasry.
Avenue Capital Group LLC, the distressed-debt firm co-founded by Marc Lasry, is starting to talk to prospective investors about a fund that will make senior loans to mid-sized companies in Europe, according to three people familiar with the matter.
Hedge funds and private-equity firms have amassed an unprecedented 60 billion euros ($74 billion) to invest in distressed debt in anticipation that Europe’s sovereign-debt crisis will push banks into the biggest fire sale in history. The problem is few are selling.