On March 13, 2008, Shares in Carlyle Capital Corp. plummeted after the company said it has defaulted on most of its $21.7 billion in debt and expects to lose its remaining assets, potentially leaving shareholders with nothing. Analysts and insolvency experts said the next step was likely to be the formal winding up of the fund, potentially through either the U.S. or U.K. bankruptcy courts. Shares of the stock were down 93% in Amsterdam at $0.20, valuing the mortgage-bond fund at about $12.8 million and marking a 98% decline since the company first disclosed its funding problems a week ago. Carlyle Capital said that efforts to prevent its lending banks from selling its assets had failed. It said it has already defaulted on $16.6 billion in debt and expects lenders will now seize its remaining assets.
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