• Hilton debt restructure costs bank $180 million

The Federal Reserve Bank of New York took a hit of around $180 million in agreeing to a restructuring of a loan to Hilton. The sale of approximately $320 million of debt to Blackstone resulted in the book loss, reports the Financial Times.

The Fed was landed with $4 billion of the $20 billion debt used to buy out Hilton in 2007, when it assumed responsibility for a $29 billion basket of troubled assets from Bear Stearns. In April, Blackstone renegotiated the Hilton loans, buying back $1.8bn of debt for $800m.

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