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Report: AllianceBernstein focused on investing in oil, gas companies

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Report: AllianceBernstein focused on investing in oil, gas companies

is planningto step up its investments in oil and gas companies as other big bankslimit lending tothese struggling operators, Bloomberg News reported March 28.

AllianceBernsteinis forming a team in its fixed-income business to focus on oil and gascompanies, hiring veteran distressed-debt money manager Daniel Posner to work withPetter Stensland, a high-yield credit analyst at the company, to lead the team.The team would make loans, buy bonds and take equity stakes, according to thereport.

Banks havebeen cutting down onlending to energy companies as their credit metrics deteriorate. Tomake matters worse, the upcoming spring borrowing base redetermination isexpected to result in widespread credit line reductions.