(Reuters) - NEW YORK, July 5 - Tax preparer H&R Block Inc.
said the subprime mortgage unit it is selling has lost
a credit line, cutting its borrowing capacity closer to the
minimum needed to complete the sale of the money-losing
business.
The news sent H&R Block shares down 2.1 percent. Investors
have been hoping H&R Block will complete its sale of Option One
Mortgage Corp. to private equity firm Cerberus Capital
Management LP [CBS.UL] so that it can focus on other operations
including tax preparation, its largest and most profitable
business.
Read more at Reuters.com Mergers News
said the subprime mortgage unit it is selling has lost
a credit line, cutting its borrowing capacity closer to the
minimum needed to complete the sale of the money-losing
business.
The news sent H&R Block shares down 2.1 percent. Investors
have been hoping H&R Block will complete its sale of Option One
Mortgage Corp. to private equity firm Cerberus Capital
Management LP [CBS.UL] so that it can focus on other operations
including tax preparation, its largest and most profitable
business.
Read more at Reuters.com Mergers News
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