BUZZ-B Riley climbs after report Oaktree in talks to replace Nomura as main lender
Shares of investment bank B. Riley Financial RILY.O rise as much as 6.5%; last up 4.2% at $4.95
Distressed debt giant Oaktree Capital Management is in talks to replace a group led by Japan's Nomura Holdings 8604.T as the main lender to RILY, Bloomberg reports, citing people familiar with the matter
RILY is looking for successors to the Nomura-led syndicate as part of a turnaround plan that may see the bank spin off its securities business, the report says
Bank has been in a tailspin since last year when it suspended its dividend and revealed huge losses tied to Franchise Group bankruptcy, a retailer backed by RILY
RILY and its co-CEO Bryant Riley have also received subpoenas from the U.S. SEC over the bank's dealings with Franchise's former CEO Brian Kahn
Bank has sought to fortify its balance sheet and stem the stock rout through divestitures of non-core units
RILY stock slumped 78.1% in 2024
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