Archegos prepares for insolvency as banks seek $10-bn compensation: Report

Global banks had lost $10 billion after highly leveraged bets from the family office on media stocks like ViacomCBS turned sour.

Archegos Capital Management, the family office run by former Tiger Asia manager Bill Hwang, is preparing for insolvency after banks tried to recoup some of the $10 billion in losses due to its meltdown in March, the Financial Times reported.

Archegos has hired restructuring advisers to assess the potential legal claims from banks and to explore the winding down its operations, the report said on Wednesday, citing two people familiar with the matter.

The company declined to comment on the report.
 

Global banks had lost $10 billion after highly leveraged bets from the family office on media stocks like ViacomCBS