LONDON (Thomson Financial) - New York activist hedge fund Pardus Capital Management LP is halting investor redemptions indefinitely at a time when many of its holdings are plummeting in value, the Wall Street Journal reported.
Pardus, which manages more than $2 billion, is seeking changes at several companies whose stocks it holds, most notably Delta Air Lines Inc. and UAL Corp., the parent company of United Airlines. Pardus has been trying for months to get the two airlines to merge.
It had also been tipped for a possible takeover of French auto parts maker Valeo, in which it had been gradually building its stake.
'The actions we have taken will allow us to protect the funds and their investors from the external short-term pressure of the broader financial markets and focus on realizing value on our portfolio companies for investors over an extended period of time,' the Journal quoted Pardus as saying. tf.TFN-Europe_newsdesk@thomson.com jms COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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