Ares didn’t specify the discount or amounts to the two banks, which showed little interest to engage, said the people, adding that the current status of Ares’ requests remains unclear.
Ares Management approached at least two banks in recent weeks to purchase their holdings of debt issued by Hong Kong developer New World Development Co., according to people familiar with the matter.
The US-based alternative investment manager was seeking to acquire a share of New World’s debt at a discount in hopes of partaking in the company’s ongoing refinancing exercise, said the people, who asked not to be identified discussing private matters.
