German bail-out collapses, Hypo Real Estate says
Submitted by William Kaelin on Sat, 10/04/2008 - 21:41.
Hypo Real Estate, the German bank caught up in the past two weeks' wave of collapses, said Saturday the government-backed bail-out it was hoping for had collapsed.
The mortgage lender said assurances of loans from several other financial institutions had expired.
Munich-based Hypo Real Estate, which mainly lends to commercial projects and to build public facilities, said it was assessing the impact on its various divisions and was seeking alternatives.
The German government and the banking industry had announced on Monday a 35-billion-euro (50-billion-dollar) set of guarantees to enable Hypo Real Estate to resume short-term lending.
But negotiations on the details dragged during the week, with several banks reluctant to contribute.
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