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Article: Blackstone Group 2Q Profit Triples
- Article from:
- AP Online
- Article date:
- August 13, 2007
CopyrightCopyright 2007 Associated Press/AP Online. This material is published under license from the publisher through YellowBrix, Alexandria, Virginia. All inquiries regarding rights should be directed to YellowBrix. (Hide copyright information)
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NEW YORK - Blackstone Group L.P. said Monday its profit tripled in the second quarter, as it assured investors it would have no problem finding financing for more of its blockbuster buyouts.
The New York-based investment partnership's shares, which have been battered since a late-June initial public offering, recovered modestly on Monday.
Blackstone had been caught up in concerns that private equity buyout shops - which buy and revamp companies using borrowed money - could face leaner days following a frenetic buyout boom.
A global flight to safer investments, triggered by decaying credit quality, has siphoned away many of the dollars that lenders formerly used to finance private ...