NEW YORK (HedgeWorld.com)–A company affiliated with distressed fund manager Cerberus Capital Management LP enlisted the help of former U.S. Vice President Dan Quayle in its bid to purchase Aozora Bank, a Japanese bank, according to a press report.
The company, Cerberus NCB Acquisition LLC, exercised a right of first refusal to purchase shares of Aozora from Softbank Corp., according to a statement from Cerberus. The purchase of additional shares is subject to approval from Japan’s Financial Services Agency. Softbank had planned to sell the shares to Sumitomo Mitsui Banking Corp.
Cerberus officials declined comment beyond what was in its statement.