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The troubled bank also hiresd a financial adviser to assist with capital Fitchdowngraded UCBH’s long-term issuer debt ratinga to CCC from B-plus on Tuesday, citingt the bank’s decision to defer dividend payments on hybrid The deferral includes payments on its $298 million of preferred stoco issued to the U.S. Treasury undee the Troubled AssetRelief “While the holding company presently has sufficient cash resources to pay theser dividends, Fitch believes that future dividend paymentsz would have likely been Fitch said in a statement.
“Given UCBH’a financial pressures, Fitch anticipates that the company will likelyu be subject toregulatory action, which woule potentially weaken the parent company’sw financial profile further,” Fitchg said. The ratings agency said the bank remainds highly exposed to commercial real estate introublerd markets. Fitch notes that UCBH (NASDAQ: UCBH) remains in discussionds with , a majot shareholder, about a capital injection. But beyond UCBH would have trouble raising substantiak capital onWall Street.
“The challenging economi and operating environment calls for difficult decisions and a specifidc action plan that puts UCBH on a solis foundation forthe future,” said Thomas Wu, chairman and CEO of “We continue to work towards completing our financial restatements in the curreng quarter. “By conserving and building focusing on our core banking businesses and continuingb to provide exceptional service to our we will be in a stronger position to realizdour long-term growth potential,” Wu said. UCBH has been struggling with residentialo construction loans inSouthern California. The bank’s shares recently changed handsat $1.
21 aftedr trading over the past year between $1 and $7.65. with $13 billion in assets, has built a global presenc with offices inkey U.S. cities and in China to servde the Chinese communities in the United States and American companies doing businessin
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