Financial news

Blackstone asks its companies hurt by virus to tap credit lines: BBG

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Via Reuters Finance

FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

(Reuters) – Private equity firm Blackstone Group Inc (BX.N) is asking companies it controls to draw down their credit lines to avoid liquidity crunch, a Bloomberg reporter tweeted on Wednesday, citing people familiar with the matter.

The move comes amid mounting stress in markets due to the coronavirus outbreak and a drop in oil prices, the tweet said.

Blackstone did not immediately respond to a Reuters request for comment.

Reporting by Bharath Manjesh in Bengaluru

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