A rare failure for Blackstone (BX -1.2%), the company a few weeks ago wrote down its €220M in...

|About: The Blackstone Group L.P. (BX)|By:, SA News Editor

A rare failure for Blackstone (BX -1.2%), the company a few weeks ago wrote down its €220M in equity in German plastics/packaging firm Klockner and handed the keys to a group of junior lenders. The surprise to many is not the writedown in equity that most already considered zero, but that Blackstone kept the ball in the air so long.