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09 June 2023

Goldman posts $850m loss on bankrupt units

By Agencies

Goldman Sachs Group said it incurred a loss of about $850 million

(Dh3.1 billion) last month on loans extended to bankrupt units of petrochemicals company LyondellBasell.

Yet the December loss, equal to more than one per cent of Goldman's book value, may never be reflected in any of Goldman's announced annual results. That is because the bank closed its fiscal 2008 books in November but starting this year will report on a calendar-year basis.

"In December 2008, there was continued deterioration in the credit of LyondellBasell Finance, to which the firm had provided bridge loan financing," Goldman said in its 10-K annual report filed with the US Securities and Exchange Commission.