Business

Jan 21, 2008

Allco crunched as debt contagion spreads

The debt contagion is spreading and today it is shares in Rich Lister David Coe’s Allco Finance Group which have been crunched by as much as 30%, writes Stephen Mayne.

The debt contagion is spreading and today it is shares in Rich Lister David Coe’s Allco Finance Group which have been crunched by as much as 30%.

Allco are the fast-moving financial engineers which started off owning and leasing assets such as ships, trains and planes but are now trying to replicate the Macquarie Bank model across a range of industries such as transport and power generation. It’s the big property exposures, especially in the US, and about $10 billion of debt which are the biggest concern.

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