Allied Posts $1 Billion Loss, CEO Steps Down

As we discussed this morning, Allied Capital released its earnings today. It lost $1 billion in 2008 and said it is "discussion with these lenders and private noteholders regarding a comprehensive restructuring of these debt agreements to provide long-term operational flexibility. There can be no assurance that the company will achieve a comprehensive restructuring."

The District-based buyout firm also said longtime chief executive William Walton was stepping down but would remain as chairman of the board. Walton, who had been chief executive since 1997, is being replaced by John M. Scheurer, an Allied managing director who has been with the firm for 18 years.

Check out the rest of the story here.

By Terri Rupar  |  March 2, 2009; 11:28 AM ET  | Category:  Economy Watch , Finance
Previous: Early Briefing: Before Allied's Earnings | Next: American Capital Posts Loss, Is in Breach of Covenants

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