Genworth prepared for asset sales as market shuns borrowers

February 9, 2016 by KATHERINE CHIGLINSKY

(Bloomberg) — Genworth Financial Inc. (NYSE:GNW) said it could pursue more divestitures to help pay down more than $500 million in debt maturing in 2018 as turmoil in the bond market shuts out junk borrowers.

“In the current environment, it would be very difficult for us to refinance the 2018 maturities, given the concerns with oil and gas and commodities” in the bond market, Chief Executive Officer Tom McInerney said in an interview Friday. “The good news is we have the luxury of time on our side for that to turn and, if not, we do have four or five avenues from an asset-sale perspective to meet that principal payment.” Click HERE to read more…

Originally Posted at Lifehealthpro on February 8, 2016 by KATHERINE CHIGLINSKY.